SBM OFFSHORE HALF-YEAR RESULTS 2014 Revenue up 6%; Outlook confirmed August 6,
SCHIEDAM, Netherlands, Aug. 6, 2014 (GLOBE NEWSWIRE) -- SBM Offshore's
execution of projects on hand in the first six months of the year led to
better than expected revenue growth. The Company is making progress towards
resolving its compliance issue, as evidenced by the US$240 million provision,
secured US$1.45 billion of financing for Cidade de Maricá and signed the
Operations & Maintenance contract for FPSO Turritella. Directional^1 Backlog
stands at US$21.5 billion. SBM Offshore continued to achieve over 99% uptime
across the fleet. The Company delivered the Kikeh brownfield extension
project on time and on budget while also reaching a settlement of claims
arising from the Deep Panuke project.
Bruno Chabas, CEO of SBM Offshore commented:
"In financial and operational terms, the first half of 2014 has been a period
of solid performance. We have also made progress towards the closure of our
final legacy issue with a provision against a potential settlement.
The period also presented a significant challenge: our withdrawal from two
current tenders in Brazil pending the outcome of the compliance
investigation. Nevertheless, the Company has built a decades-long track
record of close cooperation with Petrobras. We believe this will provide a
basis to resume a successful working relationship, once the investigation is
Tendering activity remains high, and there is industry consensus on a
substantial number of new FPSOs and turrets due for award in the coming
years. Thus, while we remain cautious on the timing of individual awards in
the short term, we have a sound basis for confidence in our medium and long
*Directional^1 revenue ahead of expectations at US$1,729 million
*Underlying Directional^1 EBIT decreased by 37% to US$184 million, compared
to a strong 1H 2013
*Directional^1 Backlog stands at US$21.5 billion, including the O&M
contract for the Shell FPSO Turritella
*Cash at the end of the period stood at US$154 million; undrawn credit
facilities of US$939 million
*Net debt at the end of June stood at US$4,302 million, under new IFRS
*Project financing secured for Cidade de Maricá totaling US$1.45 billion at
an average cost of debt of 5.3% with 12 and 14 year maturity tranches
*US$240 million provision related to the compliance investigation
in US$ 1H 2014 1H 2013* % 1H 2014 1H 2013* %
million Change Change
Revenue 6% 2,797 2,164 29%
Turnkey 5% 2,275 1,744 30%
Lease and 7% 522 419 25%
Operate 521 488
EBIT NM 201 NM
(41) (8) 74
Underlying -37% 426 374 14%
EBIT 184 292
attributable (98) (44) NM 137 12 NM
(Loss) -49% 362 307 18%
attributable 127 252
in US$ 30. Jun 14 31-Dec-13* % 30. Jun 14 31-Dec-13* %
billion Change Change
Backlog -3% NM
21.5 22.2 - -
Net Debt 25% 27%
3.0 2.4 4.3 3.4
Management is confidently reiterating 2014 Directional^1 revenue guidance of
US$3.3 billion, of which US$2.3 billion is expected in the Turnkey segment and
US$1.0 billion in the Lease & Operate segment.
First Half 2014 Results
FPSO N'Goma (Angola)
The construction, refurbishment, and module work at Keppel Singapore was
completed in early May 2014. A successful lifting campaign at the Paenal yard
in Port Amboim, Angola, was completed in July and the vessel set sail to the
offshore site where mooring has been completed and hook-up operations and
acceptance testing is to follow. The scheduled start of production is in 3Q14
at a design capacity of 100,000 bpd.
FPSO Cidade de Ilhabela (Brazil)
Following completion of refurbishment and conversion at the Chinese yard at
the end of 2013, construction continued for the finance leased vessel during
the first half of 2014 in Brazil where the process modules were successfully
installed at the Brasa yard. The FPSO includes topside facilities able to
process 150,000 bpd of production fluids for export, including the substantial
volumes of associated gas from the pre-salt field. Start-up of the facility
is expected in the second half of 2014.
FPSO Cidade de Maricá and Cidade de Saquarema (Brazil)
Construction is ongoing for the two finance leased vessels. Refurbishment and
conversion work progressed during the first half of 2014 at a Chinese yard.
The charter contract for both vessels includes an initial period of 20 years
with extension options. The two double-hull sister vessels will be moored in
approximately 2,300 meters of water depth and possess a storage capacity of
1.6 million barrels each. The topside facilities of each FPSO weigh
approximately 22,000 tons, will be able to produce 150,000 bpd of well fluids
and have associated gas treatment capacity of 6,000,000 Sm3/d. The water
injection capacity of the FPSOs will be 200,000 bpd each.
FPSO Turritella (US Gulf of Mexico)
Construction on the FPSO previously known as Stones continued for the finance
leased vessel in the first half of the year, with refurbishment and conversion
work continuing at Keppel Singapore. The charter contract includes an initial
period of 10 years with extension options up to a total of 20 additional
years. In May 2014, the Operations & Maintenance contract was signed with
Shell Offshore Inc. When installed at almost 3 kilometers of water depth, the
FPSO Turritella will be the deepest offshore production facility of any type
in the world. The vessel is a typical Generation 2 design, with a
disconnectable internal turret and processing facility capacity of 60,000
barrels of oil per day (bpd) and 15 mmscfd of gas treatment and export.
FPSO Marlim Sul (Brazil)
An extension of six months through the end of 2014 has been agreed to with
Petrobras. Negotiations for further extension opportunities beyond 2014
FPSO Kikeh (Malaysia)
SBM Offshore and its joint venture partner MISC Bhd achieved a key milestone
with the start-up of the Siakap North-Petai (SNP) field through a tie-back to
the Kikeh FPSO.
The SNP field, a unitized development operated by Murphy Sabah Oil Co.,Ltd
(Murphy), is located offshore Malaysia in water depth of approximately 1,300
metres. Murphy announced first oil production from the SNP field on February
The event is an important milestone for a project that commenced in January
2012 at SBM Offshore's Kuala Lumpur office and involved the fabrication and
offshore lifting of four new modules and approximately 340,000 man-hours of
offshore construction and commissioning work done on a live FPSO.
Turret Mooring Systems
The three large, complex turrets for Prelude FLNG, Quad 204 and Ichthys are
progressing, in close consultation with the respective clients, on schedule
according to their respective stages of project completion. Fabrication work
on Prelude FLNG is underway in Dubai, while the integration of the Quad 204
Turret with the vessel continues in South Korea, with expected delivery in the
second half of 2014. Engineering and procurement for the Ichthys turret has
been completed while construction continues to progress at the yard in
Singapore, with expected delivery in the first half of 2015.
Main Projects Overview
Main Projects Overview:
Project Contract SBM Capacity, Size POC Expected Notes
module work at Keppel
shipyard in Singapore
completed in early
May. Lifting of
remaining modules at
12 year the Paenal yard in
N'Goma, FPSO finance 50% 100,000 bpd 2014 Angola completed, and
lease vessel has set sail
to the offshore site.
testing to follow
commissioning of the
Ilhabela, 20 year process modules at
FPSO finance 62.25% 150,000 bpd 2014 our Brasa yard in
lease Brazil progressing
Integration with the
Quad 204, Turnkey 100% 320,000 bpd, 2014 vessel in Korea is
Turret sale 28 risers ongoing. Delivery
expected in 2H14.
Fabrication in Dubai
Prelude, Turnkey 95m height, nearing completion.
Turret sale 100% 11,000 tons 2015 Integration with the
vessel to commence
1Q15 in Korea.
Ichthys, Turnkey 100% 60m height, 2015 completed.
Turret sale 7,000 tons Construction
Vessel in the
20 year shipyard in China,
Maricá, FPSO finance 56% 150,000 bpd 2015 refurbishment and
Vessel in the
Saquarema, 20 year shipyard in China,
FPSO finance 56% 150,000 bpd 2016 refurbishment and
Turritella, 10 year 60,000 bpd, conversion
FPSO finance 100% disconnectable 2016 progressing at Keppel
lease shipyard in
Legend, Percentage of Completion (POC)
< 25% 25% < 50% 50% < 75% > 75% 100%
During the period, SBM Offshore deeply regrets to have to report two
fatalities of contractor staff at the relevant yard on construction projects
in Singapore. Root cause analysis has been carried out and appropriate
measures have been put into effect at contractor facilities.
These fatalities are all the more regrettable, since over the course of the
first six months of 2014 the Company achieved an improved safety performance
in a range of its business activities, with a Total Recordable Injury
Frequency Rate (TRIFR) of 0.26 for the first half of 2014 compared to 0.40 at
the end of 2013. The Lost Time Injury Frequency Rate (LTIFR) also improved to
0.06 in the first half of 2014 from 0.15 at the end of 2013.
As previously disclosed in various press releases, SBM Offshore voluntarily
reported in April 2012 an internal investigation into potentially improper
sales practices involving third parties to the relevant authorities, and has
since been in dialogue with these authorities.
SBM Offshore is discussing a potential settlement of the issues arising from
the investigation. While these discussions are ongoing, it is sufficiently
clear that a resolution of the issues will have a financial component, and
consequently SBM Offshore has recorded a non-recurring charge of US$240
million in the first half of 2014, reflecting the information currently
available to the Company.
Until the matter is concluded, SBM Offshore cannot provide further details
regarding a possible resolution of the issues arising from the investigation,
and no assurance can be given that a settlement will actually be reached. As
always, the Company will inform the market as soon as further information can
Overheads & Operating Costs
As announced with the Full Year 2013 results on February 6, 2014, SBM Offshore
has embarked on a two year programme focused on business improvements,
increased fleet maintenance and Research and Development.
The business improvement project Odyssey 24 is aiming to achieve several
objectives. It will optimize and consolidate the ways of working of a Company
that has quickly grown from a mid-sized centrally managed business to a
multi-national, organized in accountable business units. It will improve
project management and controls of projects that have grown in size from
around US$500 million a few years ago, to close to US$2 billion today. It
aims to reduce project costs by at least 5% for each project through improved
project, supply chain and materials management, improving both profitability
and competitive edge. These financial benefits will accrue to the bottom line
increasingly over the next few years. Increased investments in R&D will
ensure SBM Offshore stays at the forefront of floating solutions technology,
such as complex large turret and swivel systems, thereby opening up new
deepwater frontiers for the industry. Finally, a focused increased in
offshore maintenance will ensure that the Company is better prepared for long
duration lease contracts and contract extensions.
The Company expects incremental annual costs equivalent to 2.5%-3% of
Directional^1 revenue in 2014 and 2015. These incremental costs have an impact
on the 1H'14 Gross Margin and Overheads, as the investments precede the
Directional^1 order intake during the first half of 2014 totalled US$1,034
million, driven primarily by the finalization of the FPSO Turritella
Operations & Maintenance contract with Shell and the payment of agreed upon
variation orders by clients.
The Company secured project financing for FPSO Cidade de Maricá totalling
US$1.45 billion from a consortium of international banks at a weighted average
cost of debt of 5.3%. The financing consists of two tranches, $1.0 billion
with a 12 year post-completion maturity and $450 million with 14 year
Marketing of the newbuild DSCV SBM Installer continues. The FPSO Falcon and
VLCC Alba remain held for sale and the disposal of the last of three Monaco
office buildings is nearing completion.
Outlook and Guidance 2014
Management is confidently reiterating 2014 Directional^1 revenue guidance of
US$3.3 billion, of which US$2.3 billion is expected in the Turnkey segment and
US$1.0 billion in the Lease & Operate segment.
In terms of new FPSOs, SBM Offshore anticipates total industry-wide awards in
double digits over the next few years, and the Company is well-positioned to
take an appropriate share of the projects which it is targeting. On the
timing of individual awards, SBM Offshore is cautious, noting the trend in
recent years for tendering processes to lengthen. Nevertheless, it is clear
that a substantial body of FPSOs must be commissioned over the next two years
for oil & gas companies to maintain production levels.
IFRS 10, 11 & 12
New consolidation standards for joint ventures (JVs) have been introduced as
of January 1, 2014 ending proportional consolidation of JVs for SBM Offshore.
As disclosed in its 2013 Annual Report, the Company is now required to account
for its fully controlled JVs on a fully consolidated basis (mostly impacting
all Brazilian FPSOs) and apply equity accounting to the Company's jointly
controlled JVs (mostly Angolan FPSOs). These new standards (IFRS 10, 11 & 12)
apply to the income statement, statement of financial position and cash flow
On balance, this implementation has a limited impact on SBM Offshore's IFRS
revenue as the additionally reported partner share in the fully consolidated
ventures is offset by the exclusion of revenue in the equity accounted
ventures and almost nil to net income attributable to shareholders. However,
the Company's reported total asset value at year-end 2013 has increased
significantly by approximately US$1.6 billion, as the now fully consolidated
Brazilian assets are younger and represent a larger part of the balance
sheet. A similar effect is visible at the gross debt level, increasing from
US$2.9 billion to US$3.6 billion. The Company's 2013 pro-forma financial
statements were disclosed in SBM Offshore's Q1 trading update.
As this change of consolidation rules under IFRS further complicates the
understanding of the Company's performance and as previously announced,
Directional^1 reporting will be based on proportional consolidation for all
Lease & Operate contracts. Compared to previous Directional^1 reporting the
change is limited to FPSOs Aseng (60% owned) and Capixaba (80% owned)
previously fully consolidated and now proportionally consolidated as all other
Lease & Operate contracts. This change to Directional^1 reporting led to a
limited negative impact of US$35 million and US$5 million in first half 2013
Directional¹ Revenue and EBIT respectively (no impact on Directional¹ net
income attributable to shareholders) and restated figures for first half 2013.
Effective January 1, 2014 SBM Offshore's Directional¹ reporting principles are
*Directional¹ reporting represents an additional non-GAAP disclosure to
*Directional¹ reporting assumes all lease contracts are classified as
*Directional¹ reporting assumes all JVs related to lease contracts are
consolidated on a proportional basis
*Directional¹ reporting is limited to restating the consolidated income
statement however no restatement of the statement of financial position is
New Directional^1 New IFRS IFRS
in US$ 2013 2013 2013 2013
Revenue 3,373 3,445 4,584 4,803
EBIT 63 98 188 293
attributable 58 58 114 111
in US$ 31-Dec-13 31-Dec-13 31-Dec-13 31-Dec-13
Backlog 22,198 23,025 -
Gross Debt - - 3,608 2,890
Total Assets - - 8,692 7,118
Total Equity - - 2,887 2,135
In 2013, SBM Offshore decided to extend its reporting with non-IFRS
disclosures showing revenue and results ("Directional^1") more in line with
operating cash flows to increase transparency and understanding of the
Company's performance and provide unaudited disclosures of Backlog and Income
Statement based on Directional^1 principles.
For more information, a copy of the Directional^1 presentation made to the
financial community in June 2013 can be found in the Investor Relations
section of the Company website.
1H 2014 1H 2014 1H 2013
in US$ million Directional Directional Variance
^(1) pro-forma ^(2)
Total Revenue 1,729 1,634 6%
Lease and Operate
Third party revenue 521 488 7%
Gross Margin 152 (153) NM
Operating profit/(loss) 139 (164) NM
Underlying EBIT Margin 23.8% 27.9% -410bps
Depreciation, amort. 129 140 NM
EBITDA 268 (24) NM
Third party revenue 1,208 1,146 5%
Gross Margin 199 245 -19%
Operating profit/(loss) 107 177 -40%
Underlying EBIT Margin 8.9% 15.5% -660bps
Depreciation, amort. 7 7 0%
EBITDA 114 184 -38%
Other operating (240) - NM
administrative, (47) (22) 119%
research & development
Operating profit/(loss) (288) (22) NM
Total Operating (41) (8) NM
Total EBITDA 98 139 -29%
Net financing costs (47) (42) 11%
Share of profit of
equity-accounted (16) (6) 155%
Income tax expense 6 12 -49%
Profit/(Loss) (98) (44) 121%
^(1) Directional view is a non-IFRS disclosure, which treats all leases as
operating leases and consolidates the vessel joint ventures proportionally
^(2) Restated for all
Directional^1 revenue for the first half of 2014 was up by 6% year-over-year
to US$1,729 million versus US$1,634 million in the first half of 2013.
Directional^1 revenue by segment was as follows:
*Directional^1 Turnkey revenue increased by 5% from the year-ago period
reflecting the strong activity on the construction of FPSOs Cidade de
Maricá and Saquarema during the first half of 2014.
*Directional^1 Lease and Operate revenue increased by 7% versus the first
half of 2013 mainly due to FPSO Cidade de Paraty and the Deep Panuke
platform commencing production in June 2013 and August 2013, respectively.
Directional^1 Earnings Before Interest and Taxes (EBIT) for the first half of
2014 represented a loss of US$41 million compared with a loss of US$8 million
in the year-ago period. Underlying Directional^1 EBIT excluding the US$270
million charge recorded on Yme and the impairment variances on Deep Panuke
along with the US$240 million provision in 2014 for the settlement of the
investigation of improper sales practices, decreased by 37% to US$184 million
compared to the first half of 2013. This was primarily attributable to:
*Directional^1 Turnkey EBIT decreased by 40% due to the exceptional
performance of various projects during the last year period (OSX-2, Fram,
Skarv and construction of Cidade de Paraty). Underlying Directional^1
Turnkey EBIT Margin in the first half of 2014 came in at 8.9% compared to
9.6% in the second half of 2013.
*Underlying Directional^1 Lease and Operate EBIT remained stable compared
with the year-ago period but includes the impact of increased costs
associated with the start-up of the two-year focused fleet maintenance
programme. Underlying Directional^1 Lease & Operate EBIT Margin remained
stable at 23.8% in the first half of 2014 compared to the second half of
Directional^1 Overheads expenses reported in the Other segment increased to
US$47 million in the first half of 2014 from US$22 million in the year-ago
period. The strong year-on-year increase was mainly due to the launch of our
two year transformation programme, named Odyssey 24, aiming at laying the
foundation to deliver consistent and outstanding performance. In general,
Overheads expenses increased also due to additional efforts to maintain our
leading technological position, as well as one-off items such as the expenses
in relation to our internal investigation and the absence of depreciation
during the past period for offices held for sale.
For the first half of 2014, Directional^1 EBITDA decreased to US$98 million.
Adjusted for non-recurring events, underlying Directional^1 EBITDA decreased
by 19% to US$338 million due to the positive effects of the projects
closed-out in 2013 impacting the Turnkey segment.
Directional^1 net financing costs totalled US$47 million in the first half of
2014, up from US$42 million in the year-ago period. The increase was
primarily due to the interest costs related to the FPSO Cidade de Paraty
project loan as the unit commenced production in June 2013 and mitigated by
the decrease of the overall cost of debt during the period.
SBM Offshore recorded a Directional^1 net loss of US$98 million for the first
half of 2014 or US$0.47 per share, compared with a US$44 million loss or
US$0.22 per share for the first half of 2013. Adjusted for the US$270 million
charge recorded on Yme and the impairment variances on Deep Panuke along with
the US$240 million provision in 2014 for the settlement of the investigation
of potentially improper sales practices, underlying Directional^1 net income
decreased by 49% year-on-year to US$127 million or US$0.61 per share, compared
to US$252 million or US$1.26 in the first half of 2013 for the reasons stated
IFRS revenue for the first half of 2014 amounted to US$2,797 million, an
increase of 29% compared to US$2,164 million in the year-ago period, mainly as
a consequence of significant investments in finance lease contracts.
IFRS EBIT for the first half of 2014 increased significantly from US$74
million to US$201 million despite the US$240 million provision in 2014 for the
settlement of the investigation of potentially improper sales practices.
IFRS net income attributable to shareholders came in at US$137 million
compared to US$12 million a year ago.
Directional^1 Backlog as of June 30, 2014 totalled US$21.5 billion of which
approximately US$1.7 billion is expected to be executed over the remainder of
2014. The Backlog at the end of June 2014 includes the Shell Turritella FPSO
Operations & Maintenance contract signed in May 2014.
Directional^1 Backlog at the end of June 2014 is as follow:
(in billion US$) Turnkey Systems Lease & Operate Total
2H14 1.2 0.6 1.7
2015 0.9 1.0 1.9
2016 0.1 1.4 1.5
Beyond 2016 0.0 16.4 16.4
Total Backlog 2.1 19.4 21.5
Statement of Financial Position
The Company has adopted IFRS 10, 11 and 12 in 2014, which had significant
consequences for the reported financial statements.
Under new IFRS 10, 11 & 12 consolidation standards for joint ventures (JVs),
reported net debt as of December 31, 2013 was restated from US$2,691 million
(previous IFRS) to US$3,400 million (new IFRS). As of June 30, 2014 net debt
under new IFRS standards increased to US$4,302 million reflecting significant
investments in the ongoing Lease and Operate projects under construction for
Brazil and Turritella. Cash and cash equivalent balances came in at US$154
million and committed, undrawn, long-term bank facilities stood at US$939
million. The average cost of debt is 4.2% compared to 5.3% at the end of 2013
driven by lower cost of debt on recent bridge loans and projects loans, such
as Cidade de Paraty.
Total equity as of June 30, 2014 remained stable at US$2,917 million compared
to December 31, 2013. The Company's net debt to total equity increased from
118% at year-end 2013 to 147% at the end of the first half of 2014. This was
primarily due to the strong growth of project debt funding finance lease
projects under construction for Brazil as well as the Deep Panuke bridge loan
set up in May 2014.
As a result of the significant impacts on the Company's consolidated statement
of financial position relating to the new IFRS 10 and 11 standards instituted
in January 2014, the key financial covenants applying to current bank loans
had to be recalculated with the view to place the Company and lenders in the
same position as they would have been if the change of IFRS standards had not
occurred. Restated for the implementation of IFRS 10 and 11, the Company's
solvency ratio stood at 27.5%, firmly within its covenants.
Including cash outflows for finance leases under construction previously
reported as investing activities, cash from operating activities was negative
US$817 million for the period compared to negative US$420 million during the
first half of 2013. Cash outflows in finance leases under construction for
the first half of 2014 increased significantly to US$1,370 million compared to
US$541 million in the year-ago period taking into consideration the increasing
investments in the fully consolidated FPSOs Cidade de Maricá, Saquarema and
Turritella. Following the decision to focus the Company's activities
exclusively on FPSOs and FPSO-related products, the disposal process of
non-core assets has continued. As of the end of June 2014, the total carrying
value of assets presently held for sale amounts to US$177 million.
Further financial information is provided in the consolidated interim
financial statements included in this press release. ^2
Analyst Presentation & Conference Call
SBM Offshore has scheduled a webcast of its presentation to the financial
community and a conference call followed by a Q&A session at 19:30 Central
European Summer Time on Wednesday, August 6, 2014.
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 dialling +31 20 794 8484 in the Netherlands, +44 207 190 1595 in the
UK or +1 480 629 9822 in the US. Conference ID: 4690978. Interested parties
may also listen to the presentation via webcast through a link posted on the
Investor Relations section of the Company's website.
A replay of the conference call will be available on Wednesday, August 6,
2014, beginning at 22:00 Central European Summer Time until August 20, 2014.
The phone number for the replay is +31 45 799 0028 in the Netherlands and +44
207 959 6720 in the UK using access code 4690978#. The webcast replay will
also be available on the Company's website.
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
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, operation and the life
extension of Floating Production, Storage and Offloading (FPSO) vessels. These
are either owned and operated by SBM Offshore and leased to its clients or
supplied on a turnkey sale basis.
Group companies employ over 10,983 people worldwide, who are spread over five
execution centres, eleven operational shore bases, the joint ventures with
several construction yards and the offshore fleet of vessels. Please visit our
website at www.sbmoffshore.com.
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 companies.
The Management Board
Schiedam, August 6, 2014
For further information, please contact:
Nicolas D. Robert
Head of Investor Relations
Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
Group Communications Director
Telephone: +377 92 05 30 83
Mobile: +33 (0) 6 80 86 36 91
Some of the statements contained in this release that are not historical facts
are statements of future expectations and other forward-looking statements
based on management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance,
or events to differ materially from those in such statements. Such
forward-looking statements are subject to various risks and uncertainties,
which may cause actual results and performance of the Company's business to
differ materially and adversely from the forward-looking statements. Certain
such forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "may", "will", "should",
"would be", "expects" or "anticipates" or similar expressions, or the negative
thereof, or other variations thereof, or comparable terminology, or by
discussions of strategy, plans, or intentions. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in this
release as anticipated, believed, or expected. SBM Offshore NV does not
intend, and does not assume any obligation, to update any industry information
or forward-looking statements set forth in this release to reflect subsequent
events or circumstances.
^1 Directional view is a non-IFRS disclosure, which assumes all lease
contracts are classified as operating leases and all vessel joint ventures are
^2 Reflects SBM Offshore's proportional share in loan facilities.
SBM Offshore Press Release http://hugin.info/130754/R/1846951/644000.pdf
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