SBM Offshore Full Year 2021 Earnings
February 10, 2022
Dividend increase
based on strong
performance
Highlights
- Record order book providing
cashflow visibility until 2050 of US$29.5 billion
- Underlying1 2021 Directional2
EBITDA of US$931 million, in line with guidance
- US$343 million
returned to shareholders in dividend and share buyback,
representing c. 10% total yield3
- Proposed c. 13%
increase in dividend per share to US$1 per share
- Introduced
Float4WindTM, our second-generation offshore wind floater
- 2022 Directional
revenue guidance of above US$3.1 billion; Directional EBITDA
guidance of around US$900 million
SBM Offshore’s 2021 Annual Report can be found
on its website under:
https://2021.annualreport.sbmoffshore.com/
Bruno Chabas, CEO of SBM Offshore,
commented:
“In 2021 SBM Offshore has performed well. We
closed the books in line with our guidance. The Company has a
record project portfolio and we have confirmed our position as a
leader in the support of our clients in the energy transition. We
are truly proud of our teams who deliver our projects and continue
to operate our fleet safely, despite the challenges that came with
the COVID-19 pandemic.
Our project portfolio stands at a record level
with five projects under execution and a large FEED underway for
the Yellowtail development project for Exxon in Guyana. FPSO Liza
Unity is now in the commissioning phase, in line with our pre
COVID-19 schedule. The other projects remain on track relative to
the latest planned schedules and we continue to anticipate a
competitive level of performance from this portfolio.
The new awards increase our backlog to a record
year-end level of US$29.5 billion. Our order book continues to
bring stability as our net cash forecast is underpinned by
contracts from premium clients. This is unique in our industry. It
also allows us to invest in the future, both in our traditional
business as well as in renewables. In 2021, we returned US$343
million to shareholders through dividends and the 2021 share
buyback program, representing an overall cash yield3 of 10%. The
proposed increase in dividend to US$1 per share represents a 13%
increase versus last year.
Through our emissionZERO® program, we are
reducing the environmental footprint of deep water oil developments
which will have a role in the energy mix for many years to come.
SBM Offshore is in the energy transition business, lowering the
impact of producing hydrocarbons, while at the same time developing
new means to replace it.
Our strengths and experience in floating energy
solutions will allow us to capture a material share of the
promising market for floating offshore wind. In 2021 we made
significant progress: we advanced construction activities for our
first project in France, entered our first co-development projects
in the UK and USA and launched our Float4Wind™ concept. Float4Wind™
is our second-generation offshore wind floater: a pragmatic
solution for the market, with a simpler design and ready for
industrialization.
We are therefore operationalizing our vision of
safe, sustainable and affordable energy from the oceans and
positioning ourselves as an energy transition company: one with the
experience and track record to capture the large opportunity set
from decarbonization across its portfolio in the future, yet one
with a strong financial foundation that is delivering competitive
cash returns today.”
Financial Overview
|
|
Directional |
|
IFRS |
|
|
|
|
|
|
|
|
|
in US$ million |
|
FY 2021 |
FY 2020 |
% Change4 |
|
FY 2021 |
FY 2020 |
% Change4 |
Revenue |
|
2,242 |
2,368 |
-5% |
|
3,747 |
3,496 |
7% |
Lease and Operate |
|
1,509 |
1,699 |
-11% |
|
1,270 |
1,761 |
-28% |
Turnkey |
|
733 |
669 |
10% |
|
2,477 |
1,735 |
43% |
Underlying Revenue |
|
2,317 |
2,291 |
1% |
|
3,822 |
3,419 |
12% |
Lease and Operate |
|
1,584 |
1,622 |
-2% |
|
1,345 |
1,684 |
-20% |
Turnkey |
|
733 |
669 |
10% |
|
2,477 |
1,735 |
43% |
EBITDA |
|
849 |
1,021 |
-17% |
|
823 |
1,043 |
-21% |
Lease and Operate |
|
914 |
1,108 |
-18% |
|
636 |
1,007 |
-37% |
Turnkey |
|
19 |
(9) |
311% |
|
271 |
114 |
138% |
Other |
|
(84) |
(78) |
-8% |
|
(84) |
(78) |
-8% |
Underlying EBITDA |
|
931 |
944 |
-1% |
|
906 |
966 |
-6% |
Lease and Operate |
|
989 |
1,031 |
-4% |
|
711 |
930 |
-24% |
Turnkey |
|
19 |
(9) |
311% |
|
271 |
114 |
138% |
Other |
|
(76) |
(78) |
3% |
|
(76) |
(78) |
3% |
Profit attributable to Shareholders |
|
121 |
38 |
218% |
|
400 |
191 |
109% |
Underlying Profit attributable to
Shareholders |
|
126 |
125 |
1% |
|
405 |
277 |
46% |
Earnings per share [US$ per share] |
|
0.66 |
0.20 |
230% |
|
2.18 |
1.00 |
118% |
Underlying earnings per share [US$ per share] |
|
0.69 |
0.66 |
5% |
|
2.21 |
1.46 |
51% |
|
|
|
|
|
|
|
|
|
in US$ million |
|
FY 2021 |
FY 2020 |
|
|
FY 2021 |
FY 2020 |
|
Non-recurring items impacting
Revenue |
|
(75) |
77 |
|
|
(75) |
77 |
|
Deep Panuke termination fee |
|
(75) |
77 |
|
|
(75) |
77 |
|
Non-recurring items impacting EBITDA |
|
(83) |
77 |
|
|
(83) |
77 |
|
Deep Panuke termination fee |
|
(75) |
77 |
|
|
(75) |
77 |
|
Conclusion of legacy issue in Switzerland |
|
(8) |
- |
|
|
(8) |
- |
|
Non-recurring items impacting Depreciation
& Impairment |
|
78 |
(164) |
|
|
78 |
(164) |
|
Deep Panuke termination fee (depreciation) |
|
78 |
(78) |
|
|
78 |
(78) |
|
SBM Installer impairment |
|
- |
(57) |
|
|
- |
(57) |
|
Other impairments |
|
- |
(29) |
|
|
- |
(29) |
|
Total non-recurring items impacting Profit |
|
(5) |
(87) |
|
|
(5) |
(87) |
|
|
|
|
|
|
|
|
|
|
in US$ billion |
|
FY 2021 |
FY 2020 |
% Change |
|
FY 2021 |
FY 2020 |
% Change |
Pro-Forma Backlog |
|
29.5 |
21.6 |
37% |
|
- |
- |
- |
Net Debt |
|
5.4 |
4.1 |
32% |
|
6.7 |
5.2 |
29% |
Underlying Directional revenue for full year
2021 was US$2,317 million, an increase of 1% compared with 2020.
This mainly resulted from the Turnkey underlying Directional
revenue benefiting from the general ramp-up of activities with five
FPSOs under construction in 2021, the awarded limited scope on the
FPSO for the Yellowtail project and a higher contribution from the
renewables and offshore services product lines. The revenue
increase from this general ramp-up more than offsets the
year-on-year decrease resulting from the Johan Castberg Turret
Mooring System project delivery in 2020.
Underlying Directional EBITDA amounted to US$931
million in 2021 compared with US$944 million in 2020. This resulted
from a decrease of the Underlying Lease and Operate EBITDA by US$42
million despite an overall stronger operational performance of the
fleet. This is mainly explained by the net incremental costs from
the implementation of additional safety measures linked to COVID-19
and higher maintenance and repair activities. The latter include
maintenance campaigns postponed to 2021 due to the context of the
pandemic in 2020. The 2020 EBITDA also benefited from the
contribution of Deep Panuke decommissioning activities. Underlying
Directional Turnkey EBITDA increased from US$(9) million in the
year-ago period to US$19 million in the current year. A reduced
level of activity in the Turret and mooring product line following
the Johan Castberg turret project delivery in 2020 was nearly
offset by the general ramp up of other Turnkey activities. In
addition, the Turnkey EBITDA benefited from positive project close
out in 2021, whereas it was impacted by US$(40) million of
restructuring costs in 2020. Compared with 2021, the Other
non-allocated cost was in line with the previous year and stood at
US$(76) million and continues to include the Company’s investment
in digital initiatives.
Underlying Directional net profit for 2021
totaled US$126 million, or US$0.69 per share, in line with US$125
million in the previous year. It should be noted that the ongoing
EPC works on FPSO Almirante Tamandaré, FPSO Alexandre de Gusmão,
FPSO Liza Unity, FPSO Prosperity and the Yellowtail development
project did not contribute to Directional net income over the
period. This is because the contracts were 100% owned by the
Company as of 31 December 2021 and are classified as operating
leases as per Directional accounting principles. Therefore, the
contribution of these five FPSO projects to the Directional profit
and loss will largely materialize in the coming years.
Underlying Directional revenue and EBITDA
include US$75 million related to the cash received during 2021
following the final settlement signed with the client post
redelivery of the Deep Panuke platform in 2020. These revenues were
recognized in 2020, as per IFRS rules, but excluded from the
underlying 2020 revenue and EBITDA. The inclusion in 2021 had a
negligible impact on Directional net profit, as the above amount
was offset by a depreciation amount of a similar size. Underlying
Directional EBITDA excludes US$(8) million related to the
conclusion of the legacy issue in Switzerland as announced by the
Company in November 2021. The total impact of non-recurring items
on net profit attributable to shareholders is US$(5) million.
Liquidity, Funding and
Directional Net Debt
Thanks to the strong contribution of the fleet,
the Company generated US$715 million of Directional net cash flow
from operating activities in 2021, while cash and undrawn committed
credit facilities amount to US$3.0 billion at December 31, 2021. A
record breaking US$4.8 billion of debt was secured over the period.
This debt is for the funding of our projects under construction and
is linked to project-specific lease contracts where all project
debt becomes non-recourse in the operating phase. This demonstrates
the confidence of our financing stakeholders in SBM Offshore’s
strategy and execution capabilities.
The bridge loans related to the Almirante
Tamandaré and Alexandre de Gusmão projects were fully drawn during
the last quarter of 2021 for a total amount of US$1,255 million.
This generated a temporary cash balance at year-end, which is
projected to decrease in line with the continuing investment on
these two units. As a consequence, cash and cash equivalents
increased from US$383 million at year-end 2020 to US$1,059 million
at year-end 2021.
As a result of investment in growth, Directional
net debt increased by US$1.3 billion to US$5.4 billion at year-end
2021. This aligns with the capital expenditures associated with the
FPSO projects under construction.
Almost half of the Company’s debt as of December
31, 2021 consisted of non-recourse project financing (US$2.9
billion) in special purpose investees. The remainder (US$3.5
billion) almost entirely consists of borrowings to support the
on-going construction of five FPSOs which will become non-recourse
following project completion. The Company’s Revolving Credit
Facility (RCF) was undrawn at year-end.
Compared with the past, SBM Offshore’s project
portfolio includes larger units, which are more cost competitive
and carbon efficient for our clients. These larger units require
more cash equity investment with similar leverage. The Company is
also continuing to invest in its renewables pilot projects over the
coming years to ensure that the SBM Offshore technology matures in
line with market dynamics.
At year-end, SBM Offshore has created a
dedicated Green tranche of $50 million within its US$1 billion RCF,
to support its renewables investments. Criteria for utilization of
this Green tranche strictly follow the Green Loan Principles.
The RCF carries a sustainability performance
component in its pricing mechanism based on the Company’s relative
score on sustainability metrics compared with December 2018,
measured by Sustainalytics, an independent third-party expert. SBM
Offshore has maintained its improved score resulting in a five
basis points discount continuing to be applied on the facility’s
interest rate.
Partial divestment of equity ownership in Sepetiba
On December 20, 2021, SBM Offshore signed an
agreement with China Merchants Financial Leasing (Hong Kong)
Holding Co., Limited (CMFL) regarding the future divestment of
13.5% equity ownership in the Sepetiba special purpose companies.
This transaction remains subject to various approvals, which
include the consent from co-owners, lenders and ECAs (export credit
agencies). SBM Offshore received a pre-payment for the transaction
of c. $50 million in 2021 which will support the ongoing investment
in the project. The equity will be transferred upon completion of
the Sepetiba project, release of parent company guarantees relating
to the project finance and receipt of the final payment. SBM
Offshore continues to diversify its sources of debt and equity
funding and aims at further aligning its project financing with its
supply chain. This transaction leverages the significant Chinese
content in the Sepetiba project.
Directional Pro-Forma
Backlog
Change in ownership scenarios and lease contract
durations have the potential to significantly impact the Company's
future cash flows, net debt balance as well as the profit and loss
statement. The Company therefore provides a pro-forma Directional
backlog based on the best available information regarding ownership
scenarios and lease contract durations for the various
projects.
The pro-forma Directional backlog increased by
almost US$8 billion year on year to a total of US$29.5 billion as
of December 31, 2021. US$2.2 billion revenue was realized over the
period while US$10.1 billion was added. This increase was mainly
the result of the awarded contracts for both FPSOs Almirante
Tamandaré and Alexandre de Gusmão, the awarded initial scope to
begin FEED activities and secure a Fast4Ward® hull for the
Yellowtail development project. Additionally, the Company signed an
extension on FPSO Kikeh. SBM Offshore’s backlog provides cashflow
visibility of 29 years, up to 2050.
(in billion US$) |
|
Turnkey |
Lease & Operate |
Total |
2022 |
|
1.5 |
1.6 |
3.1 |
2023 |
|
0.8 |
1.6 |
2.4 |
2024 |
|
1.5 |
1.8 |
3.3 |
Beyond 2024 |
|
1.2 |
19.5 |
20.7 |
Total
Backlog |
|
5.0 |
24.5 |
29.5 |
The pro-forma Directional backlog at the end of
2021 reflects the following key assumptions:
- The FPSO Liza Destiny contract
covers the basic contractual term of 10 years of lease and
operate.
- The FPSO Liza Unity and Prosperity
contracts cover a maximum period of two years of lease and operate
within which the units will be purchased by the client. The impact
of the sale is reflected in the Turnkey backlog at the end of the
maximum two-year period.
- With respect to the Yellowtail5
development project, the amount included in the pro-forma backlog
is limited to the value of the initial limited release of funds to
the Company to begin FEED activities and secure a Fast4Ward®
hull.
- The FPSO Almirante Tamandaré
partial divestment to partners (45%) was concluded in January 2022.
As a consequence, the ownership share (55%) is included in the
Lease and Operate backlog and the partial divestment to partners
(45%) is included in the Turnkey backlog.
- The FPSO Alexandre de Gusmão is
added to the backlog based on the targeted SBM Offshore ownership
share (55%) in the lease and operate contracts. The partial
divestment to partners (45%), which remains subject to finalization
of the shareholder agreement and is planned in 2022, was included
in the Turnkey backlog.
- The 13.5% equity divestment in FPSO
Sepetiba to CMFL has not yet been reflected in the backlog as the
transaction remains subject to various approvals.
For further details of the overall assumptions
applicable to the backlog, refer to the 2021 Annual Report.
Project Review and
Operational
Update
Project |
Client,
Country |
Contract |
SBM Share6 |
Capacity |
Percentage of Completion6 |
Expected First Oil |
Liza Unity |
ExxonMobilGuyana |
2 year Build, Operate, Transfer |
100% |
220,000 bpd |
>75% |
2022 |
Sepetiba |
PetrobrasBrazil |
22.5 year Lease & Operate |
64.5% |
180,000 bpd |
>50% <75% |
2023 |
Prosperity |
ExxonMobilGuyana |
2 year Build, Operate, Transfer |
100% |
220,000 bpd |
>50% <75% |
2024 |
Almirante
Tamandaré |
PetrobrasBrazil |
26.25 year Lease & Operate |
100%7 |
225,000 bpd |
<25% |
2024 |
Alexandre de Gusmão |
PetrobrasBrazil |
22.5 year Lease & Operate |
100% |
180,000 bpd |
<25% |
2025 |
Construction activities for the Company's major
projects continued to be impacted during 2021 by the effects of the
pandemic. These include travel and logistical restrictions, price
inflation of materials and services, yard closures and yard and
supplier capacity constraints. Project teams have continued to work
closely with client teams and contractors to mitigate the impacts
on projects’ execution. The degree to which these challenges can be
mitigated going forward varies from project to project. The
profitability of SBM Offshore’s overall project portfolio remains
robust and competitive. An update on the status of individual
projects is provided below.
FPSO Liza DestinyThe third stage flash gas
compressor on the unit remains stable and continues to operate.
Additional engineering activities are ongoing to finalize a
redesigned flash gas compressor with an expected installation on
the unit around mid-year 2022.
FPSO Liza UnityThe FPSO Liza Unity arrived
safely in Guyana in October 2021 where the hook-up and the
installation campaigns have successfully been completed. Operations
readiness activities have progressed and the project targets first
oil in the first quarter of 2022.
FPSO SepetibaThe modules fabricated in Brazil
have arrived at the yard in China. The topsides module fabrication
in China is progressing. The project targets first oil in 2023.
FPSO ProsperityThe work in dry dock is
progressing per schedule with the installation of the mooring
systems. The topsides module fabrication is ongoing with the first
modules planned to be completed and lifted in the first quarter of
2022. First oil is expected in 2024.
FPSO Almirante TamandaréThe topsides fabrication
has started in all yards. Both topsides fabrication and hull are
progressing as planned. The project continues to target first oil
in the second half of 2024.
FPSO Alexandre de GusmãoThe construction of the
Fast4Ward® MPF hull and the procurement of equipment are well under
way. The FPSO construction is progressing as per plan with expected
first oil in 2025.
Fast4Ward® MPF hullsThe six MPF hulls ordered to
date under the Company’s Fast4Ward® program have been allocated to
projects. Four hulls have been delivered and the remaining two are
under construction.
DSCV SBM Installer
The Company signed an agreement with Asso Group
in November 2021 with respect to the sale of its fully owned diving
support and construction vessel SBM Installer which operated in a
non-core market. The sale was completed in January 2022 and the
cash proceeds were used to redeem the outstanding debt. The
transaction’s impact on the Company’s financial results, to be
accounted for in 2022, is not significant.
Operational performance and fleet uptime
Despite the continuing challenges brought by the
pandemic, SBM Offshore’s operations produced an uptime of 99.1%
which is in line with the historical average of the fleet.
Management of the pandemic and its impact on crew health and
safety, logistics and travel continued to be effective, ensuring
business continuity and good performance in offshore
operations.
SBM Offshore continued to progress various
Digital initiatives and developments aimed at further improving the
operational safety, quality and efficiency of its fleet. For
example, digital technology such as virtual reality is used to
train and onboard staff onshore before travelling to the vessels.
The Company continues to expand its globally connected center which
is used to remotely assist the fleet operations. The center uses
Digital technology to monitor the assets and uses data to support
interventions on a predictive basis.
Contractual lease extension for FPSO KikehSBM
Offshore is pleased to report that it has signed an agreement for a
six-year lease extension to the lease and operate contracts for the
FPSO Kikeh located in Malaysia with client PTTEP. The end of the
contractual lease and operate period is extended from January 2022
to January 2028. SBM Offshore is the minority owner with 49% equity
ownership of the lease and operating companies related to
FPSO Kikeh, together with MISC Berhad owning 51% of the
equity.
FPSO Cidade de AnchietaFPSO Cidade de Anchieta
has been shut down from the 22nd of January
following the observation of oil near the vessel. Adequate
anti-pollution measures were immediately deployed and were
effective. The situation is under control with two temporary
repairs to the hull implemented. The FPSO will restart when an
agreed action plan is approved by the Authorities.
New Energies
Through its New Energies value platform SBM
Offshore invests in technology development for renewable energy,
especially in floating offshore wind (FOW).
The Company believes that FOW will become a key
source of electricity going forward as the demand for wind energy
accelerates and optionality in shallow water becomes limited. The
FOW market is developing rapidly worldwide, and the market outlook
continues to grow. Previous estimates of worldwide installed
capacity of up to 12GW may prove conservative.
In the medium term, SBM Offshore is targeting a
position as top-3 technology provider in the FOW business. The
Company is positioning itself as turnkey technology provider to
developers with the ambition to have at least 2GW of FOW installed
or under construction by 2030.
Currently, SBM Offshore is executing its first
pilot project, leveraging its experience in EPCI of floating
solutions and mooring systems. The construction of the three
floating offshore wind substructures for the 25MW Provence Grand
Large (PGL) project jointly owned by EDF Renewables and Maple Power
continues to progress. Structure fabrication and assembly
activities are ongoing in several sites specializing in large scale
and complex steel structures works. The newly designed components
were fabricated for the first time worldwide under strict quality
standards established for the project. This first time fabrication
combined with impact from COVID-19 created some execution
challenges. The PGL project remains scheduled to be commissioned by
2023. Lessons learned were integrated with the work on the next
generation floater.
The Company is developing its second-generation
mooring system named Float4WindTM.
Float4WindTM is also based on a Tension Leg
Platform (TLP) technology and benefits from a simpler design which
facilitates procurement and construction and improves the design’s
cost base. The TLP mooring technology has the advantage of reduced
impact on the seabed, is scalable to accommodate (much) larger
capacity turbines and can withstand harsher environments in deeper
water.
SBM Offshore is participating as EPCI contractor
and technology provider on major farm developments in Scotland,
France, South Korea and Japan supporting wind developers with site
specific execution scenarios, technical studies and price
estimates.
In addition, SBM Offshore is also participating
as co-developer in FOW projects in order to accelerate its floating
technology implementation, stimulate the floating wind market and
increase its portfolio of projects. The first development project
Llŷr, is located in the UK. It comprises 2 offshore sites for the
development of two projects up to 100MW each and has received a
notice of intent from the Crown Estate to grant leases subject to a
Habitats Regulations Assessment. The second development project,
Cademo, is located offshore California, US and is a 60MW
demonstration project which moved at the end of last year to the
environmental review stage. SBM Offshore has also started
development activities in other countries, taking early mover
positions.
Regarding wave energy, the innovative
S3® Wave Energy Converter (WEC) prototype project
is progressing in our R&D Laboratory. An installation permit
was granted in October 2021 and site work and component
qualification are under way.
Environment, Social and Governance
SafetyThe Company’s Total Recordable Injury
Frequency Rate (TRIFR) for the year was 0.06, compared with 0.10 in
2020. SBM Offshore’s priority remains the health and safety of its
staff, contractors and their families, along with ensuring safe
operations across all the Company’s activities.
Climate Change (Greenhouse Gas (GHG) emissions
reduction)SBM Offshore has the ambition to achieve net-zero by no
later than 2050, including scope 1, scope 2 and scope 3 Downstream
Leased Assets, the latter covering the emissions from its FPSO
fleet.
Following a review of the Company’s GHG
emissions reporting, the majority of the scope 1 emissions were
reclassified to scope 3 under “Downstream Leased Assets”. Details
are available in the 2021 Annual Report. This reclassification has
not impacted SBM Offshore’s ambition with respect to GHG emissions
reduction as explained below.
SBM Offshore has made good progress with its
emissionZERO® program, which aims at assisting our clients in the
responsible production of hydrocarbons that will be required to
support an orderly energy transition. The program is on track to
deliver the phase 1 emissionZERO® FPSO concept. As part of this
roadmap, the design of a topside module to capture CO2 from gas
turbine exhaust emissions has been further developed and is
expected to be available by 2023.
The fleets’ gas flaring intensity in 2021 was
28% lower than in 2017 which demonstrates SBM Offshore teams’
efforts in managing the operations’ GHG emissions. Total reported
GHG emissions in 2021, of which 99% were in scope 3, were also
reduced by 2% compared to 2020. This was achieved despite the
increase in voluntary disclosure reported in scope 3 related to
Purchased Goods and Services, which added 6% in GHG emissions
volume compared to last year.
Total emissions from scope 1 and scope 2 was
reduced through increased use of green energy in site operations,
whereas busines travel related emissions remained low compared to
pre-pandemic levels.
Sustainable Development GoalsSBM Offshore uses
the United Nations’ Sustainable Development Goals (SDG) framework
to embed sustainability into the Company’s strategy and the
associated performance program is linked to Management Board and
employees short-term incentive scheme. For the year 2021, the
Company set ten targets related to seven SDGs. Out of the ten
targets, seven have been met or exceeded.
SBM Offshore has applied the lessons learned
from the performance against these targets in setting further
improvements for the future. Performance continues to be favorably
rated by external rating agencies such as Sustainalytics, S&P
Global, MSCI and CDP, with improving scores year on year. Most
recently, in February the Company received a silver sustainability
recognition from S&P Global and was cited as a “Global Industry
Mover”. Refer to the 2021 Annual Report for further details.
Capital Allocation / Shareholder
Returns
The Company’s dividend policy is to maintain a
stable dividend, which grows over time. Determination of the
dividend is based on the Company’s assessment of its underlying
cash flow position. As part of the Company’s regular planning
process, following review of its cash flow position and forecast,
the Company proposes to pay out a dividend of US$1 per share,
equivalent to c. US$180 million8, to be paid out of retained
earnings. This dividend will be proposed at the Annual General
Meeting on April 6, 2022. This represents an increase of 13%
compared to the US$0.8854 dividend per share paid in
2021. Outlook and Guidance
The pandemic and associated impact on the oil
market has caused oil and gas companies to reassess their
portfolios and investments. However, large capacity deep water
developments, continue to be preferentially selected by customers
thanks to their cost and carbon efficient characteristics. SBM
Offshore remains disciplined in the selection of its opportunities
and prioritizes these large capacity projects. In addition, the
Company continues to invest in its positioning in the FOW
market.
The Company’s 2022 Directional revenue guidance
is above US$3.1 billion, of which around US$1.6 billion is expected
from the Lease and Operate segment and above US$1.5 billion from
the Turnkey segment. 2022 Directional EBITDA guidance is around
US$900 million for the Company.
This guidance considers the currently foreseen
COVID-19 impacts on projects and fleet operations, including supply
chain effects. The Company highlights that the direct and indirect
impact of the pandemic could continue to have a material impact on
the Company’s business and results and the realization of the
guidance for 2022.
Conference Call
SBM Offshore has scheduled a conference call
together with a webcast, which will be followed by a Q&A
session, to discuss the Full Year 2021 Earnings release.
The event is scheduled for Thursday, February
10, 2022 at 10.00 AM (CET) and will be hosted by Bruno Chabas
(CEO), Douglas Wood (CFO), Philippe Barril (COO) and Erik Lagendijk
(CGCO).
Interested parties are invited to register prior
the call using the link: Full Year 2021 Earnings Update Conference
Call
Please note that the conference call can only be
accessed with a personal identification code, which is sent to you
by email after completion of the registration.
The live webcast will be available at: Full Year
2021 Earnings Update Webcast
A replay of the webcast, which is available
shortly after the call, can be accessed using the same link.
Corporate Profile
SBM Offshore designs, builds, installs and
operates offshore floating facilities for the offshore energy
industry. As a leading technology provider, we put our marine
expertise at the service of a responsible energy transition by
reducing emissions from fossil fuel production, while developing
cleaner solutions for renewable energy sources.
More than 5,000 SBMers worldwide are committed
to sharing their experience to deliver safe, sustainable and
affordable energy from the oceans for generations to come.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
February 10, 2022
Financial Calendar |
Date |
Year |
Annual General Meeting |
April 6 |
2022 |
First Quarter 2022 Trading Update |
May 12 |
2022 |
Half Year 2022 Earnings |
August 4 |
2022 |
Third Quarter 2022 Trading Update |
November 10 |
2022 |
Full Year 2022 Earnings |
February 23 |
2023 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Mobile: |
+377 (0) 6 40 62 87 35 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Market Abuse Regulation
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation.
Disclaimer
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. These
statements may be identified by words such as ‘expect’, ‘should’,
‘could’, ‘shall’ and similar expressions. Such forward-looking
statements are subject to various risks and uncertainties. The
principal risks which could affect the future operations of SBM
Offshore N.V. are described in the ‘Risk Management’ section of the
2021 Annual Report.
Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results and performance of the Company’s business
may vary materially and adversely from the forward-looking
statements described in this release. SBM Offshore 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 new information, subsequent events or otherwise.
Nothing in this release shall be deemed an offer
to sell, or a solicitation of an offer to buy, any securities. The
companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate legal entities. In this release “SBM
Offshore” and “SBM” are sometimes used for convenience where
references are made to SBM Offshore N.V. and its subsidiaries in
general. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.
"SBM Offshore®", the SBM logomark, “Fast4Ward®”,
“emissionZERO®” and “Float4WindTM” are proprietary marks owned by
SBM Offshore.
1 Underlying Directional Revenue and EBITDA are
adjusted for the non-recurring events during a financial period to
enable comparison of normal business activities for the current
period in relation to the comparative period. For explanation of
the various items that were adjusted, see the table in section
“Financial Overview” below.2 Directional reporting, presented in
the Financial Statements under section 4.3.2 Operating Segments and
Directional Reporting, represents a pro-forma accounting policy,
which treats all lease contracts as operating leases and
consolidates all co-owned investees related to lease contracts on a
proportional basis based on percentage of ownership. This
explanatory note relates to all Directional reporting in this
document.3 Dividend paid and share repurchased in 2021 compared to
market capitalization at year end-2020.4 Percentage of change
calculated based on absolute figures.
5 The full lease and operate contract award is
subject to necessary government approvals of the development plan,
project sanction including final investment decision by ExxonMobil
and release of second phase of work from the client.
6 As of December 31, 2021.7 55% SBM Offshore share following the
divestment to partners concluded after the closing period in
January 2022.8 Total dividend amount depends on number of shares
entitled to dividend as of Ex-dividend date. The amount disclosed
is based on the number of shares outstanding less the treasury
shares held at December 31, 2021.
- SBM Offshore Full Year 2021 Earnings press release
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