AMSTERDAM--Oil services company SBM Offshore NV (SBMO.AE)
Thursday announced a series of measures in response to the problems
at its troubled Yme oil and gas platform, and said it will issue
shares through a private placement to fix its balance sheet. The
company also said impairment charges and other costs will push it
to a net loss of around $100 million in 2012, and proposed not to
pay a dividend for 2012 and 2013.
MAIN FACTS:
-SBM Offshore announces revised expectations for the outcome of
the Yme project together with associated provisions.
-SBM Offshore announces $400 million impairment charge to
reflect full write down of full book value of Yme platform.
-To take $200 million provision for SBM Offshore's estimate of
settlement costs with Talisman Energy Inc. (TLM). To take $29
million charge for additional costs related to Deep Panuke
project.
-SBM Offshore announces a 9.95% private placement with HAL
Investments B.V. ("HAL") at EUR8.50 per ordinary share raising $193
million to ensure that banking covenants are met.
-In addition, subject to the Company reaching a settlement with
Talisman in respect of the Yme project within an agreed
period:.
- HAL to pay an additional sum to reflect a higher valuation for
the aforementioned private placement shares;
- HAL to underwrite in full an approximate 10% rights offering
at the final private placement price.
-Total impairments and other charges to result in a 2012
estimated Net Loss of approximately $100 million
-Estimated 2012 turnover of around US$ 3.6 billion; no further
change to guidance.
-Publication of 2012 results brought forward to 14 February
2013
-Management Board proposes not to distribute a dividend for 2012
and 2013.
- By Amsterdam Bureau, Dow Jones Newswires;
amsterdam@dowjones.com