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Last €10.40 EUR
Change Today -0.195 / -1.84%
Volume 1.3M
As of 11:35 AM 09/2/15 All times are local (Market data is delayed by at least 15 minutes).

sbm offshore nv (SBMO) Snapshot

Open
€10.55
Previous Close
€10.59
Day High
€10.68
Day Low
€10.30
52 Week High
11/12/14 - €13.40
52 Week Low
01/13/15 - €8.11
Market Cap
2.2B
Average Volume 10 Days
1.8M
EPS TTM
€2.58
Shares Outstanding
211.6M
EX-Date
05/27/14
P/E TM
4.5x
Dividend
--
Dividend Yield
--
Current Stock Chart for SBM OFFSHORE NV (SBMO)

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sbm offshore nv (SBMO) Details

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. The company designs, procures, manages, constructs, commissions, installs, and operates floating production storage and offloading (FPSO) vessels, TLP and semi-submersibles, turret mooring systems, floating liquefied natural gas solutions, and renewables. It also provides after sales services; swivels and mechanical parts; and emergency interventions and rapid response solutions. The company operates a fleet of 11 FPSO vessels, 2 floating storage and offloading systems, 1 semi-submersible system, and 1 MOPU system. The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005. SBM Offshore N.V. was founded in 1862 and is headquartered in Schiedam, the Netherlands.

9,000 Employees
Last Reported Date: 08/5/15
Founded in 1862

sbm offshore nv (SBMO) Top Compensated Officers

Chairman of Management Board, Chief Executive...
Total Annual Compensation: $3.4M
Chief Financial Officer and Member of Managem...
Total Annual Compensation: $1.9M
Compensation as of Fiscal Year 2014.

sbm offshore nv (SBMO) Key Developments

SBM Offshore N.V. Reports Earnings Results for the First Half Ended June 30, 2015; Updates Earnings Guidance for 2015

SBM Offshore N.V. reported earnings results for the first half ended June 30, 2015. For the period, the company reported that directional1 EBIT increased to $255 million compared with a loss of $41 million in the year-ago period, which featured a $240 million provision for the settlement of the investigation of improper sales practices and the $15 million release of an impairment related to Deep Panuke. Adjusted for both exceptional items in 2014, EBIT increased by 39% from $184 million to $255 million in the first half of 2015. Directional1 EBITDA increased to $430 million, compared to $98 million in 2014. Adjusted for non-recurring items, Underlying Directional1 EBITDA increased by 27% due to strong project execution positively impacting the Turnkey segment and the positive effects of the partner contributions to the Turritella project. The company recorded a Directional1 net profit of $164 million for the first half of 2015 or $0.78 per share, compared with a $98 million loss or $0.47 per share for the first half of 2014. Adjusted for the $240 million provision related to the settlement of the investigation of potentially improper sales practices and the $15 million release of an impairment related to Deep Panuke in 2014, underlying Directional1 net income increased by 29% year-on-year to $164 million or $0.78 per share, compared to $127 million or $0.61 in the first half of 2014. IFRS revenue for the first half of 2015 amounted to $1,457 million, decreasing by 48% compared to $2,797 million in the year-ago period as a result of the reduction of investments in finance lease contracts under construction. IFRS EBIT for the first half of 2015 remained stable to $204 million compared to $201 million in the year ago period which was including the $240 million provision in 2014 for the settlement of the investigation of potentially improper sales practices and the $15 million impairment release on Deep Panuke. The underlying decrease of IFRS EBIT reflects the reduction of investments in finance lease projects under construction, due to projects nearing completion in 2015, and the lack of any impact under IFRS in the consolidated Income statement of the 45% partner's share in the joint venture companies owning and operating FPSO Turritella, which remain both fully controlled under IFRS 10. IFRS net income attributable to shareholders came in at $106 million compared to $137 million a year ago. As of June 30, 2015 net debt under IFRS standards slightly increased to $5,159 million reflecting lower investments in the ongoing Lease & Operate projects under construction. Cash and cash equivalent balances came in at $389 million and committed, undrawn, long-term bank facilities stood at $975 million. Directional1 capital expenditure through the first half of 2015 amounted to a combined total of $265 million, reflecting the advanced construction progress of the Company's main projects which are expected to be completed over the next twelve months. The Company is updating 2015 Directional1 revenue guidance from at least $2.2 billion to at least $2.6 billion. The increase is primarily attributable to the announced 45% stake in the Turritella project taken up by joint venture partners. Turnkey revenue guidance for 2015 is now expected to be $1.4 billion versus $1.0 billion previously, while Lease & Operate segment guidance of $1.2 billion remains unchanged. Proportional net debt guidance below $3.5 billion is being confidently reiterated for FY2015. Management is introducing Directional1 capital expenditure guidance. For the remaining three finance lease vessels under construction Directional1 capital expenditure is expected to total approximately $265 million, with approximately 75% falling in the second half of 2015. Directional1 capital expenditure excludes changes in net working capital and is presented net of upfront payments for FPSOs Cidade de Marica and Cidade de Saquarema.

SBM Offshore Seeks Acquisitions

SBM Offshore N.V. (ENXTAM:SBMO) is seeking acquisitions. Bruno Chabas, Chief Executive Officer, said, "So first of all consolidation in the industry is likely to happen. It has already happened to some extent with few mergers, which have been announced. I'm thinking about the oil services industry rather than the FPSO market per se. And it's really a trend, which is going to be going into 2016 and 2017. I think a lot of people are going to have things from this phase. And there is going to be some opportunity to do merger and acquisition."

SBM Offshore N.V., H1 2015 Earnings Call, Aug 05, 2015

SBM Offshore N.V., H1 2015 Earnings Call, Aug 05, 2015

 

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Industry Analysis

SBMO

Industry Average

Valuation SBMO Industry Range
Price/Earnings 4.6x
Price/Sales 0.6x
Price/Book 1.0x
Price/Cash Flow 4.7x
TEV/Sales NM Not Meaningful
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