SBM Offshore Q3 Trading Update


SCHIEDAM, NETHERLANDS--(Marketwire - Nov 15, 2012) - Continued revenue growth driven byturnkey systems

| Turnover in US$ million YTD Q3-2012 YTD Q3-2011 Change |
| Turnkey Systems 1,623.2 1,372.9 18.2% |
+-------------------------- |
| Turnkey Services 201.2 179.5 12.1% |
+-------------------------- |
| Lease and Operate 661.6 648.6 2.0% |
+-------------------------- |
| Total Turnover 2,486.0 2,201.0 12.9% |

SBM Offshore announces consolidated revenues up almost 13% for the ninemonthsto 30 September 2012. Since the start of the third quarter, the Companysecuredfinancing for two large scale FPSOs for a total of over US$ 1.5 billion.

The Company is also pleased to announce the sale of GustoMSC, a non-coredesignand engineering subsidiary, as well as its support vessel the DynamicInstallerfor a total consideration of some US$ 200 million; important first steps initsUS$ 400 million non-core asset divestment programme.

Following record orders during 2011, the order intake during the first ninemonths of 2012 has been lower than expected, which in combination withslowerthan planned progress on a number of key projects implies that the Companywillnot achieve its expected total revenue of US$ 4 billion for 2012. As to theYmeproject, reference is made to the Company's announcement of 26 October 2012thatTalisman and the Company presented a plan for repair of the grouting of theplatform legs to the Norwegian Safety Authority.

Bruno Chabas CEO of SBM Offshore said: "In Q3, we made a swift start to ourdivestment programme and continued to drive forward the transformation oftheGroup. Despite the Group not expecting to achieve its 2012 revenue target,revenues continue to grow and, although they may fluctuate in the shortterm,the oil & gas industry has a critical need for increasingly large andsophisticated FPSOs. This is an outstanding opportunity for SBM Offshore,theworld's leading specialist provider of these facilities."


For the first nine months of 2012, consolidated turnover totalled US$ 2,486million (12.9% above prior year of US$ 2,201 million). The Lease andOperatesegment showed results in line with 2011, while the Turnkey Systems segmentshowed strong growth in excess of 18%, mostly driven by large scale FPSOprojects such as OSX2, N'Goma, Cidade de Paraty and Cidade de Ilhabela.

Third quarter order intake continued to reflect the Company's strategicFPSOfocus with the cumulative order intake for the first nine monthsamounting toUS$ 1,681 million and an order portfolio at 30 September 2012totalling US$16.1 billion. Period highlights included the 8.5 years lease,operate andmaintain contract on FPSO Kikeh for a tie-back of the Siakap North-Petaifieldsoffshore Malaysia and the BC-10 Rigless Intervention Module with Shell,bothshowing the continued demand for tie-in and subsea support projects.

Since the start of the second half year, the Group achieved a number ofsuccessful financing agreements totaling US$ 1.55 billion. The Companysecured aloan facility for US$ 1.05 billion with its Joint Venture partners, QGOGConstellation and Mitsubishi Corporation for the construction of the FPSOCidadede Ilhabela for Petrobras, followed by an inaugural US$ 500 million USPrivatePlacement project bond with 16 Institutional Investors to fund therefurbishmentof the FPSO Cidade de Anchieta, which started its service for Petrobras on10September this year under an 18 year lease and operate contract. Thisfacilitywas fully paid up by the bond investors as of 1 November 2012.

As part of previously announced plans to dispose of approximately US$ 400million of non-core assets, SBM Offshore has agreed to the sale ofGustoMSC, toParcom Capital, a private equity group, for a consideration ofapproximately US$185 million. The purchase is subject to financing and will be paid in cashatintended closing of the transaction by 30 November 2012. The Company alsosignedan agreement with Dulam for the sale of the DSV Dynamic Installer at US$14.8million, with delivery scheduled for end November 2012.

Net debt at 30 September 2012 amounted to US$ 2,107 million (30 June 2012:US$1,964 million), with cash and cash equivalent balances of US$ 318.1 million(30June 2012: US$ 214.0 million) and committed, undrawn bank facilities of US$1.4billion (30 June 2012: US$ 1.0 billion).

Net debt to total equity ratio is stable at 130% at 30 September 2012comparedto 132% at 30 June 2012. The solvency ratio at 30 September 2012 stands at30.4% compared to 31.5% at mid-year 2012. The sale of GustoMSC will improvesolvency by 2.5 percentage points.

Capital expenditure and investments on finance lease contracts in the firstninemonths of 2012 amounted to a combined total of US$ 970.3 million.

Operational Update

Rigless Intervention System for Shell on FPSO Espirito Santo

SBM Offshore was awarded a contract from Shell for the engineering,procurement,construction, installation and operation of a Rigless Intervention System(RIS)module on FPSO Espirito Santo, which is owned and operated on joint venturebasis with MISC Berhad, servicing the BC-10 field, offshore Brazil. RiglessIntervention is being developed to service subsea equipment on the FPSO asapermanent part of the system. The system is planned to be operational for afirst intervention in the second quarter of 2014.


Jointly with operator Talisman, a repair plan for the grouting of theplatformlegs was presented to the Petroleum Safety Authority in Norway, on October26.The repairs follow the decision of last July by the operator of theplatform,Talisman, to de-man the platform and its assessment that grouting in thelegsneeds repair. The repairs are scheduled before the end of this year. Aftercompletion of repairs, personnel will be allowed to return to the platformtoassess any consequences of the facility having been unattended for anextendedperiod. Subsequently, Talisman and SBM Offshore will be able to agree thewayforward.

Deep Panuke

Finalisation and commissioning of this platform is progressing more slowlythanplanned and the platform is now expected to be on hire during the firsthalf of2013. This delay is the result of recent test findings related to processequipment with root causes dating back to the time in the yard and duringtransit.

FPSO Cidade de Anchieta

Production on FPSO Cidade de Anchieta has commenced according to plan and theunit was officially on hire as of 10 September 2012 under the 18 yearslease andoperate contract with Petrobras.

Compact GTL

The Company also signed a commercial development agreement with Compact GTLLtd,combining expertise for the marketing and execution of FPSO projectsinvolvingassociated gas challenges for oil fields offshore.


The investigation into potentially improper sales practices is stillongoing.Consequently, at this point it is not possible to provide furtherinformation oran estimate of the financial effects, if any.

DJSI world

The company received confirmation of its inclusion in the DJSI worldfor thesecond year in a row. This is a strong sign that its corporatesocial andsustainable objectives are among the best in class.

Outlook and Guidance 2012

Irrespective of global economic volatility, strong momentum in the oil &gasupstream market continues to drive demand for FPSOs and related products.In theshort term, the challenges of complexity and scale, together withassociatedcosts and risks for project developers are slowing certain contract awardsorattenuating the start up phase of major projects. As a result, SBM Offshoreisreducing turnover expectations for 2012 with other guidance remainingunchanged.This guidance is premised on no material change in the performance, ordelivery,of the Group's projects.

Conference Call

Management of SBM Offshore will be available to discuss the contents ofthispress release in a conference call at 11:00 hrs (CET) on Thursday 15November2012.

Dial-in number: (+65) 6723 9388
Conference ID Code: 64797494

Replay number: (+61) 2 8199 0299 (available for 48 hours)
Replay Conference ID Code: 64797494

The call will also be webcast via the SBM Offshore

The call will be hosted by Bruno Chabas, CEO and Peter van Rossum, CFO.

Financial Calendar | Date|Year
Full-year Results 2012 - Press Release (07:30 CET) | 7 March|2013
Full-year Results 2012 - Analysts Presentation (Amsterdam)| 7 March|2013
Trading Update Q1 2013 - Press Release (07.30 CET) | 23 May|2013
Annual General Meeting of Shareholders (Rotterdam 14.30 | |
CET) | 23 May|2013
Half-year Results 2013 - Press Release (07.30 CET) | 8 August|2013
Half-year Results 2013 - Analysts Presentation (Amsterdam)| 8 August|2013
Trading Update Q3 2013 - Press Release (07.30 CET) |14 November|2013

To see the complete version of this press release, please click on thelinkbelow.

SBM Offshore Press Release:

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright andother applicable laws; and

(ii) they are solely responsible for the content, accuracy andoriginality of the information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE


For further information, please contact:

Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: Email Contact

Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: Email Contact


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