Highlights
- Year-to-date Directional (1) revenue of US$871 million, in line with expectation
- Full year 2024 Directional revenue and Directional EBITDA guidance maintained
- Cash dividend of US$150 million (equivalent to EUR0.7651 per ordinary share) approved
- Share repurchase program of EUR65 million on track 20.7% completed (2)
- FPSO Sepetiba producing and on hire; FPSO Prosperity at full production capacity
- FPSO Jaguar contract award confirmed in April 2024, growing the backlog
- MoU with Technip Energies to create Floating Offshore Wind JV, EkWiL
Øivind Tangen, CEO of SBM Offshore, commented:
'We have delivered good results this quarter in line with expectations and we maintain our full year guidance.
We are pleased to have been awarded contracts in April for the construction and installation of ExxonMobil Guyana’s FPSO Jaguar as part of the Whiptail development. This significant award is the fifth FPSO project for SBM Offshore in Guyana. It will be our first based on a sale and operate model, adding an accelerated cashflow profile for the project to our backlog. Following transfer of ownership to the client at the end of the construction period, we expect to operate the FPSO under our 10-year Operations and Maintenance Enabling Agreement.
FPSO Jaguar will utilize our seventh Fast4Ward® MPF hull. We anticipate that our eighth hull, currently under construction, and the optionality that we have for a series of further hulls in a tight supply chain environment will position us favorably for tendering in a market with a positive outlook for cost and carbon efficient FPSOs.
On the operational front, FPSO Prosperity has been producing at capacity since January 2024 and FPSO Sepetiba achieved flare out in April 2024. Together, these FPSOs have a joint production capacity of more than 400,000 barrels of oil per day. The delivery of these vessels is testament to SBM Offshore’s capability in delivering large and complex FPSO projects.
We continue to seek to apply our expertise in floating solutions across a number of alternative energy markets. Through our Memorandum of Understanding (“MoU”) with Technip Energies to create a joint venture pure-play Floating Offshore Wind company, EkWiL, we are enhancing the sustainability of our ambitions to capture the potential of this emerging market.'
(1) Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
(2) Based on cumulative repurchase amount of EUR13.4 million on April 30, 2024.
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Source: SBM Offshore
