SBM Offshore 3Q 2011 Trading Update

SBM Offshore N.V. the management holding company of a group of international companies, working as suppliers to the offshore oil and gas industry on a global basis reported Q3 2011 trading update.

Highlighting first nine months turnover of 2011 of US$ 2,201 million (1pct above prior year). Order portfolio at 30 September 2011 of US$ 15.7 billion (53% above prior year). Signing of LOI for 20 year lease of FPSO Cidade de Ilhabela for the Guará Norte pre-salt field in Brazil.

Net debt of US$ 2,292 million (US$ 2,195 million at half-year 2011), with all debt covenants comfortably met, final delivery of the last in a series of three Semi-Submersible Drilling Rigs and first oil achieved ahead of schedule on FPSO Aseng and unit on hire.

SBM Offshore CEO Tony Mace commented: “The delivery of the FPSO Aseng two months ahead of schedule follows the early completion of the P57 FPSO last year and confirms our capability to deliver highly sophisticated FPSOs on time. We are also pleased the third drilling rig has been delivered to our client, completing the series of three rig orders obtained in 2006/2007. The order intake so far this year includes two FPSOs and two complex turret mooring systems, and amounts to more than US$ 6 billion which is very satisfactory and reflects the current buoyant market conditions for our products and services.”

( read more )

[mappress]

Offshore Nieuws Staff , November, 17.  2011; Image: SBM Offshore