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SBM Offshore NV ADR (SBFFY) is a global leader in providing floating production solutions to the offshore energy industry. The company specializes in designing, building, and operating offshore oil and gas production facilities, including FPSO vessels and Turret mooring systems. With a strong track record of successful projects worldwide, SBM Offshore continues to innovate and expand its portfolio to meet the evolving needs of the industry.
SBM Offshore's core business involves delivering integrated EPCI (Engineering, Procurement, Construction, and Installation) solutions for deepwater oil and gas developments. The company's expertise in project management, engineering, and technology ensures the successful execution of complex offshore projects. SBM Offshore is committed to sustainable operations, prioritizing safety, efficiency, and environmental responsibility in all its endeavors.
Recent achievements include the successful completion and delivery of key projects in various regions, strengthening SBM Offshore's position as a trusted partner in the offshore energy sector. The company's strong financial performance reflects its operational excellence and strategic focus on delivering value to customers and shareholders.
SBM Offshore announces the resignation of Philippe Barril as Chief Transition Officer effective August 31, 2022, following his appointment as CEO of Heerema Marine Contractors on September 1, 2022. Barril has been a part of SBM since 2015, taking on various roles including Chief Operating Officer. His departure will lead to a simplified Management Board structure, redistributing his responsibilities among the remaining members aimed at sustaining SBM's progression as an energy transition company. CEO Bruno Chabas commended Barril's contributions during his tenure.
SBM Offshore reported year-to-date directional revenue of US$970 million, up 89% from US$513 million in Q1 2021. The company maintains its full-year guidance for 2022, expecting over US$3.1 billion in revenue. A cash dividend of US$1 per share was paid, reflecting a 13% increase year-on-year. Key projects include the successful delivery of FPSO Liza Unity and the confirmed award for FPSO ONE GUYANA. Despite global supply chain pressures, the company anticipates continued profitability in its project portfolio.
On April 6, 2022, SBM Offshore held its Annual General Meeting, where all resolutions proposed were approved. Notable appointments included Øivind Tangen to the Management Board and Hilary Mercer to the Supervisory Board. A cash dividend of US$1 per share was also authorized, payable on May 4, 2022, translating to €0.9137 per share. The company confirmed no significant business operations in Ukraine or Russia amid ongoing geopolitical tensions but acknowledged potential future impacts.
On April 5, 2022, SBM Offshore announced the award of contracts for the Yellowtail development project in Guyana by Esso Exploration and Production Guyana Limited, a subsidiary of Exxon Mobil. SBM Offshore will construct, lease, and operate the ONE GUYANA FPSO for up to two years, after which ownership will transfer to EEPGL. The FPSO is designed to produce 250,000 barrels of oil per day and has a storage capacity of 2 million barrels. This project marks a significant advancement in the Stabroek Block, with SBM Offshore committed to employing local talent.
On March 23, 2022, SBM Offshore announced the signing of a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kaisha regarding the FPSO Alexandre de Gusmão project. Mitsubishi and NYK will acquire 25% and 20% ownership, respectively, while SBM Offshore retains a majority 55% stake. The FPSO is under construction for deployment at the Mero field offshore Brazil under a 22.5-year contract with Petrobras, with first oil expected in 2025. This move reflects SBM's strategy to enhance partnerships and expand its offshore operations.
SBM Offshore has released the agenda and invitation for its Annual General Meeting (AGM), scheduled for April 6, 2022, at 14:30 CET. The meeting will be held virtually, focusing on the company's commitment to sustainable energy solutions and reducing emissions from fossil fuels. With over 5,000 employees globally, SBM Offshore remains dedicated to delivering affordable energy from the oceans. The company has also outlined its financial calendar, with key dates for trading updates and earnings releases throughout 2022 and 2023.
SBM Offshore has successfully commenced oil production from its FPSO Liza Unity, which officially went on hire on February 11, 2022. This unit is the first designed under SBM Offshore’s innovative Fast4Ward® program, featuring a multi-purpose floater hull and standardized topsides modules. Located approximately 200 kilometers off the coast of Guyana in the Stabroek block, the Liza field is operated by ExxonMobil's subsidiary, with interests from Hess and CNOOC. CEO Bruno Chabas highlighted the project's significance, emphasizing its low emission intensity and efficient production capabilities.
SBM Offshore announced a 13% increase in dividend to US$1 per share following a strong performance in 2021, with Directional EBITDA of US$931 million and total cash returns of US$343 million to shareholders. The company reported a record backlog of US$29.5 billion, ensuring cashflow visibility until 2050. The 2022 revenue guidance is projected to exceed US$3.1 billion. CEO Bruno Chabas emphasized the company's commitment to the energy transition and ongoing investment in floating offshore wind technologies.
SBM Offshore has signed a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha, acquiring respective 25% and 20% stakes in the FPSO Almirante Tamandaré operation. SBM retains a 55% majority interest. The FPSO, currently under construction, is set to operate at Brazil's Búzios field under a 26.25 year lease with Petrobras, expected to produce first oil in the second half of 2024. As of December 31, 2020, SBM Offshore had approximately 4,570 employees worldwide.
SBM Offshore announces the proposed appointment of Øivind Tangen as Chief Operating Officer and member of its Management Board, effective April 6, 2022. Tangen, with 19 years at the company, is currently the Managing Director overseeing the Lease and Operate segment. His expertise in engineering and project execution aligns with SBM Offshore's commitment to operational excellence and energy transition strategy. Philippe Barril will transition to Chief Transition Officer, enhancing the team's focus on new energies while Douglas Wood remains CFO, adding Communications to his responsibilities.