SBM Offshore - niederländischer Rig-Betreiber

eröffnet am 01.06.10 17:17:14 von
neuester Beitrag 29.03.19 13:53:58 von

ISIN: NL0000360618 | WKN: A0JLZV | Symbol: IHCB
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+0,055 EUR

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01.06.10 17:17:14
mit 4% Div.Rendite und sehr hohem backlog...

• Turnover for the first quarter of 2010 US$ 722 million, 6% above prior year;
• Total order backlog at 31 March 2010 at US$ 10.0 billion, same as 2009 year-end;
• One year extension for lease contract for FPSO Kuito;
• Pre-commitment from Petrobras for lease FPSO for pre-salt area;
• FPSO Capixaba arrived on the Cachalote field in Brazil and is ready for oil production.
Tony Mace, CEO of SBM Offshore: “In all three of our business segments we see an increase in
realistic opportunities for sanction of projects. The pre-commitment for a lease FPSO for the pre-salt
area from Petrobras is an important project for the Company and represents the largest value FPSO we
will have ever contracted. We have also seen an improvement in performance in our more recent
projects with execution within schedule and budget.”
Outlook Full Year 2010
• Turnover in the same range as 2009 – now around 90% secured from current backlog;
• EBIT margin from Turnkey Systems solidly within 5% - 10% range;
• Outlook for EBIT margin from Turnkey Services improving;
• Lease and Operate EBIT contribution below 2009.
1. Results
For the first quarter of 2010, consolidated turnover totalled US$ 722 million (6% above prior year of US$
681 million). Segmental split was for Turnkey Systems US$ 464 million (64% of total), Turnkey Services
US$ 65 million (9%) and Lease and Operate US$ 194 million (27%). Operating margins in all three
segments in the first quarter are in line with or ahead of plan.
Cumulative order intake for the first three months amounted to US$ 680 million including variation
orders and other portfolio adjustments concerning lease contract turnover recognition. Backlog at 31
March 2010 totals US$ 10.0 billion of which approximately US$ 1.9 billion will be recognised as turnover
in 2010.
Net debt at 31 March 2010 amounted to US$ 1,606 million (31 December 2009: US$ 1,464 million), with
cash and cash equivalent balances of US$ 147 million and committed, undrawn bank facilities of US$
493 million. The corporate Revolving Credit Facility is currently being expanded from US$ 500 million to
US$ 750 million, with completion expected in June 2010. Net gearing was 88%, which is slightly above
expectations due to equity adjustments resulting from downward revaluation of foreign exchange and
interest rate hedges.
Capital expenditure in the first three months of 2010 amounted to US$ 178 million (US$ 158 million for
the first three months of 2009).
01.06.10 17:55:24
Petrobras to Charter Tupi Nordeste FPSO from SBM

Tuesday, June 01, 2010

Petrobras announced that, as operator of the consortium responsible for the development of block BM-S-11, has signed a Letter Of Intent (LOI) with SBM Offshore N.V. (SBM) and Queiroz Galvão Óleo e Gás S.A. (QGOG), for the construction of a FPSO that will operate the second pilot project in Tupi, in the pre-salt region of the Santos Basin.

The FPSO will be installed in Tupi Nordeste area, located at nearly 265 kilometers offshore in 2,130 meters of water and 18 kilometers from the original Tupi discovery. The FPSO will have production capacity of 120,000 bpd of light crude oil and up to 5,000,000 m3/d of natural gas, and will be operated by the companies responsible for its construction and chartered by the consortium for a 20-year period.

Block BM-S-11 is operated by Petrobras (65%), in partnership with BG E&P do Brasil Ltda. (25%), and Petrogal Brasil/Galp Energia (10%).

The project schedule foresees delivery of the FPSO in 34 months from LOI execution date. The contracts will be signed in the next couple of days.
24.09.10 17:33:14
· Turnover for the half-year at US$ 1.4 billion (H1 2009: US$ 1.4 billion);

· EBIT increased by 14% compared to H1 2009;

· Net profit for the half-year at US$ 92.5 million (H1 2009: US$ 95.5 million) includes a non-cash US$ 21 million mark to market hedging loss;

· Total order backlog at 30 June 2010 at US$ 10.9 billion (H1 2009: US$ 8.2 billion);

· A new five year revolving credit facility increased to US$ 750 million;

· Letter of Intent from Petrobras for a 20 year lease of the FPSO Cidade de Paraty for the Tupi Nordeste field in Brazil.

Tony Mace, CEO of SBM Offshore: "The first half of 2010 has seen some important new orders, continuing robust performance of the SBM Offshore fleet, and progress on ongoing projects. The results during this period reflect a sound performance by the Company, with a new record order backlog. The market for new projects has been increasing as expected, and although the long term impact of the Macondo accident in the Gulf of Mexico is uncertain, we remain optimistic that the market conditions will allow continued growth of the Company."

Outlook Full Year 2010
· Turnover in the same range as 2009; fully secured by current backlog;

· EBIT margin from Turnkey Systems solidly within 5%-10% range;

· EBIT margin from Turnkey Services within 15%-20% range;

· Lease and Operate EBIT contribution below 2009 level.
22.10.10 14:47:49
1. Paenal Joint Venture in Angola

The current joint venture partners (Sonangol and SBM Offshore) of Paenal Yard in Porto Amboim, Angola and Daewoo Shipbuilding&Marine Engineering (DSME) of South Korea have signed an agreement in which DSME will acquire a 30% share in the Paenal Joint Venture. Effective shareholdings after the transaction will be Sonangol 40%, SBM Offshore 30% and DSME 30%.

The Paenal yard was created in 2007 by Sonangol and SBM Offshore to provide fabrication facilities for topsides modules and FPSO integration in Angola for the oil and gas industry. Phase I, which consisted of investment in fabrication facilities, a limited quayside and training of personnel, has been completed.

DSME has also signed a letter of agreement with Paenal Joint Venture to perform module and associated FPSO construction and integration works at the Paenal yard for the CLOV FPSO for Total. This contract will enable the start of phase II of the yard development which foresees investment in completion of the quayside to allow berthing of FPSOs, a heavy lift crane to lift modules on to the FPSO and additional module fabrication facilities as well as training of personnel. With the completion of phase II, the yard will be fully ready for FPSO topsides process modules fabrication and integration.

The association with DSME will facilitate the Paenal Joint Venture's investment capacity for phase II as well as further improve the production and construction expertise of the yard.

Jose Benge, Chairman of Paenal stated: "We are very pleased to welcome DSME as a new partner in the Paenal Joint Venture and believe their construction expertise will strengthen the yard capabilities which will enable an increasing volume of oil and gas project work to be performed in Angola".
07.03.11 07:44:15
AMSTERDAM, March 4 (Reuters) - Dutch-listed maritime oil and gas engineer SBM Offshore saw a better-than-expected 23.5 percent rise in 2010 operating profit as margins in turnkey systems close to doubled on smoother delivery of projects.

The world's largest supplier of floating production, storage and offloading platforms (FPSOs) does not benefit directly from the recent spiral in oil prices but stands to gain from a major spike in energy demand as oil majors spend more on projects.

SBM, which competes with Japan's Modec and Norway's Prosafe, said its turnkey systems unit, which designs and supplies equipment for drilling platforms and offshore construction industry, had made a good operational recovery.

'The company's fleet of leased vessels has again performed very well generating substantial bonus revenues,' SBM Chief Executive Tony Mace said in a statement.

It said 2010 earnings before interest and tax (EBIT) rose to $362.4 million on revenues of $3.056 billion. Analysts in a Reuters poll were expecting EBIT of $328 million on revenues of $2.991 billion.

The company proposed a dividend of $0.71 per share, exceeding the $0.63 per share expected by analysts. It said its order portfolio stood at a record high of $11.5 billion.

SBM said it expected 2011 turnover in the same range as 2010, with 90 percent of it secured from its current portfolio.

Lease and operate EBIT in 2011 is seen at the underlying 2010 level, turnkey services EBIT margin within the 15 to 20 percent range, while turnkey systems EBIT margin in the upper half of the 5 to 10 percent range, before lease accounting effects, it said.

European oil services firms are gearing up in 2011 for further strong demand not just in production platforms but for everything from rigs to underwater pipes, as high crude prices speed up a global race to find new reserves.
1 Antwort
03.02.12 12:16:17
Antwort auf Beitrag Nr.: 41.155.818 von R-BgO am 07.03.11 07:44:15Damals war die Welt für SBM Offshore noch in Ordnung. Dann kamen die Streitigkeiten über die MOPUstore(TM) und die damit verbundenen 450 Mio USD impairement charge, die das Ergebnis 2011 nach unten rießen.

Der Kurs von SBM weist dementsprechend einen erheblichen Abschlag zu anderen deep sea oil service Unternehmen auf.

Die Frage ist m. E. wie schnell SBM diese MOPU-Geschichte aufräumen kann. Nachdem das nun 2 Vorständen den Job gekostet hat, sollte eine Einigung mit den Kunden möglich sein.
24.03.12 00:34:58
So, damit dürfte die häßliche Vergangenheit dann aber auch abgearbeitet sein:…
20.05.12 10:59:48
Solange der Ölpreis weiter runtergeht, werden auch die Service-Provider für die Offshore-Förderung eher fallende Kurse sehen. Für SBM gilt das m. E. auch.
22.05.12 10:22:12…
Highlights First Quarter 2012
· Turnover of US$ 763 million, 12% above Q1 prior year
· Total order portfolio of US$ 16.7 billion
· US$ 0.5 billion order for supply of Ichthys FPSO turret
· Net debt of US$ 1,921 million (31.12.2011: US$ 1,958 million)
· Outlook and guidance 2012 unchanged

Sieht m. E. ganz gut aus. Die aktie ist langsam für einen Rebound fällig.
22.05.12 19:31:41
Und was meint die Analystengilde dazu:
SBM Offshore-Aktie: Kostenanstieg in der Versorgungskette wichtiges Thema
Paris ( - Guillaume Delaby und Aymeric de-Villaret, Analysten der Société Générale, stufen die SBM Offshore-Aktie (<NL0000360618>/ WKN A0JLZV) von "sell" auf "hold" herauf. Der Zwischenbericht zum ersten Quartal habe dem Gesamtbild von SBM Offshore wenig hinzugefügt. Die Umsatzvorgabe des Unternehmens für 2012 von rund 4 Mrd. USD sei angesichts eines Quartalsumsatzes von 763 Mio. USD, eines Auftragsbestands von 16,7 Mrd. USD sowie einer Nettoverschuldung von 1,921 Mrd. USD bestätigt worden. Der Fortschritt bei problematischen Projekten sei weiterhin gering. Obwohl es schwer sei, die Kapitalaufwendungen in diesem Jahr zu prognostizieren, halte SBM Offshore einen Anstieg der Nettoverschuldung im zweiten Halbjahr für wahrscheinlich. Der wichtigste Punkt des Conference Calls zum ersten Quartal sei die Diskussion der Inflation gewesen. SBM Offshore zufolge nähmen die Kosten in der gesamten Versorgungskette zu. Um dieses Risiko abzuschwächen, wolle das Unternehmen bei den Bewerbungen um Ausschreibungen künftig weniger aggressiv vorgehen. Aus der unveränderten EPS-Prognose der Société Générale für 2012 und 2013 von 1,32 EUR und 1,91 EUR ergebe sich für die SBM Offshore-Aktie ein KGV von 9,1 bzw. 6,3. Da das unveränderte Kursziel von 13,00 EUR auf Sicht von zwölf Monaten nun erreicht worden sei, rate man nunmehr zum Halten der Aktie. Vor diesem Hintergrund vergeben die Analysten der Société Générale nun das Rating "hold" für die Aktie von SBM Offshore. (Analyse vom 17.05.12) (17.05.2012/ac/a/a)

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