Revenues Rise 16% for Shipbuilder SBM Offshore Thanks to FPSOs in Guyana and Brazil

Written by Valdemar Medeiros

Published on 12/11/2020 at 09:56

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The Dutch Shipbuilder SBM Offshore Observed a 16% Increase in Underlying Revenues, Due to Large FPSO Ship Orders in Guyana and Brazil.

The accumulated revenue for the year of US $ 1.7 billion compares with US $ 1.47 billion in the third quarter of 2019. The shipbuilder SBM Offshore stated that the revenue increase in the Lease and Operate segment was the result of the FPSO Liza Destiny joining 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 in the immensely prospective Stabroek block in Guyana. The 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.

The Liza and Sepetiba Offshore Units Are Expected to Be Completed in 2022 and Prosperity in 2024

Net debt rose to US $ 4 billion, from US $ 3.5 billion at the end of 2019, which SBM Offshore stated is mainly related to project financing for construction, while the company has used its credit lines for growth investments.

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Shipbuilder SBM Offshore Demonstrates Skills Amid Crisis

CEO Bruno Chabas said: “SBM Offshore is demonstrating the strength of its business model with another strong set of results in the last quarter, despite the dual challenge of the global pandemic and low oil prices. Based on this solid year-to-date performance and the Company’s discipline in managing its cost base, the Company has raised its guidance for the year.

“SBM Offshore’s shipbuilding teams are successfully maintaining our focus on safely delivering projects and operations while virtually working together across multiple time zones with clients, suppliers, and all our other global stakeholders with the aim of minimizing delivery delays and operational disruptions. Deepwater projects in quality basins continue to rank favorably in client portfolios.”

Revenues Rise 16% for Shipbuilder SBM Offshore Thanks to FPSOs in Guyana and Brazil

The Dutch Shipbuilder SBM Offshore Observed a 16% Increase in Underlying Revenues, Due to Large FPSO Ship Orders in Guyana and Brazil.

Read Also

The Liza and Sepetiba Offshore Units Are Expected to Be Completed in 2022 and Prosperity in 2024

Shipbuilder SBM Offshore Demonstrates Skills Amid Crisis

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Revenues Rise 16% for Shipbuilder SBM Offshore Thanks to FPSOs in Guyana and Brazil

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Read Also

The Liza and Sepetiba Offshore Units Are Expected to Be Completed in 2022 and Prosperity in 2024

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