SBM Offshore Half-Year Results 2013

SBM Offshore Half-Year Results 2013 
SCHIEDAM, THE NETHERLANDS -- (Marketwired) -- 08/07/13 --  Good core
performance; record backlog; outlook improved 
August 7, 2013 
SBM  Offshore  has  made  good  operational  progress, with
underlying financial
results  ahead of  our expectations.  The Company
 continues to  be on track in resolving  its legacy issues. 
Directional(1) Backlog reached  a record level of US$22.4  billion
including  contracts for  FPSOs Cidade  de Marica and Cidade de
Saquarema  for Petrobras, the  Company's largest orders  to-date. Oil
commenced  on FPSO Cidade de Paraty in Brazil, and a
US$600 million project loan
was  secured for  FPSO N'Goma. 
Post-period, the  Company announced  it had been
awarded the FPSO
Stones by Shell for delivery to the Gulf of Mexico in 2016. 
Bruno Chabas, CEO of SBM Offshore commented: 
"I am strongly encouraged by the headway we have made in the first
half. We have
secured  several outstanding contract awards and are on
a much stronger footing,
having  both remedied  a significant  legacy
issue  and strengthened our balance
sheet.  Our  management  team 
can  now  concentrate on running the business and progressing  our
strategic transformation. Our focus on FPSOs is at the heart of this
and our prospects give me confidence in our performance for the full
Financial Highlights 
SBM  Offshore is seeking to provide its shareholders and other
stakeholders with
clarity  on  business  performance  above  and 
beyond  the  regular  IFRS based
disclosures.  One complexity is that
the Group's business model combines turnkey
sales  with construction
projects  for its own  lease and operate portfolio. SBM Offshore's 
FPSO construction and  lease and operate  contracts are
classified  as 'finance  leases' which  adds further 
complexity by accelerating
revenue  recognition into the construction
phase, well before rents are invoiced
to  and  paid  by  the  client.
 In  this  context,  the  Company is introducing
reporting  alongside  IFRS.  Directional(1) reporting seeks to
present  revenue and  results in  line with  operating cash flows.
This extended
reporting  includes a Directional(1) Income Statement
and Directional(1) Backlog
as part of the Financial Review. 
* On a Directional(1) basis, revenues were up 24% to US$1,669
million in     H1'13, and underlying EBIT increased by 69% to US$297
* Letters of Intent for lease and operate contracts for two FPSOs
from     Petrobras (contracts executed post-period) 
* Directional(1) Backlog up by 36% to a record level of US$22.4
* Cash at the end of the period was US$253 million; undrawn credit
of US$857 million 
* Net debt at the end of June was US$2,300 million 
* Agreement to decommission the Yme platform and settle outstanding
with Talisman for US$470 million 
* Successful 10% Rights Issue at EUR10.07 per share raised US$247
In light of recent operational progress, management is raising 2013
IFRS revenue
guidance from US$4 billion to US$4.3 billion. 
(1)Directional view is a non-IFRS disclosure, which corrects the
non-cash effects on revenue and earnings introduced by IFRS finance
lease accounting. 
Analyst Presentation 
SBM  Offshore  has  scheduled  a  webcast  of  its  Analyst 
Presentation and a conference  call followed  by a  Q&A session  at
19:00 Central  European Time on Wednesday, August 7, 2013. 
The  presentation will be hosted  by Bruno Chabas (CEO),  Peter van
Rossum (CFO)
and Sietze Hepkema (CGCO). Interested parties are invited
to listen to the call by dialing +31 20 794 8484
in  the Netherlands
or  +44 207 190 1590 in the UK.  Interested parties may also
to the presentation  via webcast through  a link posted  on the
Relations section of the Company's website. 
A replay of the conference call will be available on Wednesday,
August 7, 2013,
beginning  at 22:30 Central European Time for one
week. The phone number for the conference  call  replay  is  +31 45
799 0028, using  access  code 4630686#. The webcast replay will also
be available on the Company's website. 
Corporate Profile 
SBM Offshore N.V. is a listed holding company that is headquartered
in Schiedam.
It holds direct and indirect interests in other companies
that collectively with
SBM Offshore N.V. form the SBM Offshore group
("the Company"). 
SBM Offshore provides floating production solutions to the offshore
energy industry, over the full product life-cycle. The Company is
market leading in
leased floating production systems with multiple
units currently in operation,
and has unrivalled operational
experience in this field. The Company's main activities are the
design, supply, installation and operation of Floating Production,
Storage and Offloading (FPSO) vessels. These are either owned
operated by SBM Offshore and leased to its clients or supplied on
a turnkey sale
Group companies employ over 7,400 people worldwide, who are spread
over five
execution centers, eleven operational shore bases, several
construction yards
and the offshore fleet of vessels. Please visit our
website at 
The companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate entities. In this communication "SBM
Offshore" is sometimes used for convenience where references are made
to SBM Offshore N.V.
and its subsidiaries in general, or where no
useful purpose is served by identifying the particular company or
The Board of Management
 Schiedam, August 7, 2013 
'To  see the complete  version of this  press release, please  click
on the link
SBM Offshore Press Release: 
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Source: SBM Offshore N.V. via Thomson Reuters ONE 
For further information, please contact: 
Investor Relations
Nicolas D. Robert
Head of Investor Relations
Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: +377 92 05 30 83
Mobile: +33 (0) 6 80 86 36 91
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