SBM Offshore N.V. (SBFFY.PK), a provider of offshore energy systems to the oil and gas industry, Thursday reported a profit for the first half, as revenues grew 14 percent from last year, driven by strong performance of the turnkey systems segment. The Dutch firm said the results were in line with its expectations and maintained guidance for full-year 2012.
The company said strong momentum in the oil & gas upstream market continues to drive demand for floating production storage and offloading, or FPSOs, and related products, despite the global economic volatility.
Bruno Chabas, CEO, stated that the company is progressing with a divestment programme for non-core assets of up to $400 million. "Although the Group is still working on important legacy issues, I am encouraged to report whole-hearted support for our strategy to focus exclusively on FPSOs and associated products or services."
In the first half, net profit attributable to shareholders of the parent company was $156.85 million or $0.91 per share, compared to a net loss of $265.33 million or $1.57 per share in the previous year. The company said it has restated its prior-year figures.
EBITDA, a key earnings measure, dropped 10 percent to $335.1 million. Operating profit, or EBIT was $223.54 million, compared to a loss of $201 million a year ago.
Revenues for the period grew 14 percent to $1.67 billion, helped by strong performance of the turnkey systems segment, on the back of last year's strong order intake. Turnkey Systems segment represented 66 percent of turnover, Turnkey Services 8 percent and Lease and Operate segment contributed 26 percent.
Order intake for the first half was $871.9 million, a strong decline from last year, which was fully attributed to timing of awards. This order portfolio excludes contract for Fram FPSO from Shell, which is expected to be confirmed in the second half of 2012.
As at June 30, 2012, order portfolio totaled $16.1 billion, of which nearly $2.3 billion is expected to be executed in the remainder of this year.
SBM also maintained its guidance for full year 2012, expecting turnover in the region of $4 billion.
In Amsterdam, the shares are currently trading at 10.8 euros, down 0.74 percent, on a volume of 423 thousand shares.
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