Dutch shipbuilder SBM Offshore saw a 16% increase in underlying revenues thanks to large orders for FPSO vessels in Guyana and Brazil.
Year-to-date revenue of $1,7 billion compares with $1,47 billion in the third quarter of 2019, shipbuilder SBM Offshore said the increase in revenues in the Lease and Operate was the result of the entry of the FPSO Liza Destiny into the fleet at the end of 2019, as well as the acquisition of a minority stake in five Brazilian FPSOs.
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Liza is a vessel for ExxonMobil's namesake field on the hugely prospective Stabroek block in Guyana. Shipbuilder SBM Offshore is currently developing the FPSOs Liza Unity and Prosperity – also for Exxon in Guyana – and Sepetiba, which is destined for the Santos Basin, off the coast of Brazil.
Offshore unit Liza and Sepetiba should be completed in 2022 and Prosperidade in 2024
Net debt increased to $4 billion from $3,5 billion at year-end 2019, which SBM offshore said was mainly related to financing projects under construction, while the company has been using its credit lines for investments. of growth.
EBITDA (earnings before interest, tax, depreciation and amortization) stands at around $950 million, which the company highlighted despite the challenging market environment.
Offshore shipbuilder SBM demonstrates skills amid crisis
CEO Bruno Chabas said: “SBM Offshore is demonstrating the strength of its business model with another good set of results in the last quarter, despite the dual challenges of the global pandemic and low oil prices. Based on this solid performance accumulated in the year and the Company's discipline in managing its cost base, the Company increased its guidance for the year.
“The teams at shipbuilder SBM Offshore are succeeding in keeping our focus on safe project delivery and operations, while working together virtually, across multiple time zones, with customers, suppliers and all of our other global stakeholders with the goal of limit delivery delays and interruptions in operations. Deepwater projects in quality basins continue to rank favorably in client portfolios. ”
