SBM Offshore First Quarter 2022 Trading Update
May 12, 2022
Highlights
Year-to-date Directional1 revenue of US$970 million, in line with expectation
Full year 2022 Revenue and EBITDA guidance maintained
Cash dividend of US$1 per ordinary share paid, 13% year-on-year increase and representing c. 7% yield2
FPSO Liza Unity delivered on time and on budget
FPSO ONE GUYANA award confirmed, to be added to the backlog
Bruno Chabas, CEO of SBM Offshore, commented:
“Despite the challenging environment, following SBM Offshore’s performance over the first quarter of 2022 we maintain our full year guidance.
We continue to adapt to the impacts of the pandemic plus now the increased pressure on the worldwide supply chain resulting from the conflict between Russia and Ukraine. The margin expectation from our Turnkey portfolio remains robust.
The successful delivery of FPSO Liza Unity in February 2022 once again demonstrates SBM Offshore’s unique capability in executing large FPSO projects. Following the FPSO ONE GUYANA award confirmation, we are delivering growth in our construction portfolio and orderbook, with 5 FPSOs under construction. Our focus remains the safe and reliable execution of this portfolio.
We have paid out US$1 cash dividend per share, representing a yield c. 7% based on year-end 2021 market capitalization. This, combined with our c. 30-year cash flow visibility from our backlog, reflects once again the Company’s capacity for sustained cashflow generation going forward.
Finally, as part of our New Energies business, the Company has joined forces with a partner to develop the world’s largest floating wind turbine (16MW) using the Float4Wind™ TLP (Tension Leg Platform) technology. The pilot project remains subject to final investment decision.