SBM Offshore N.V. (SBMO.AS, SBFFY), a Dutch offshore energy solutions provider, Thursday announced that its IFRS profit dropped but directional profit rose in fiscal 2024 from last year.
For the full year 2024, IFRS profit attributable to shareholders decreased 69 percent to $150 million from $491 million in the previous year.
Earnings per share were $0.84 versus $2.74 last year.
On a directional basis, profit increased 73 percent to $907 million from $524 the previous year. Earnings per share were $5.08 versus $2.92 previous year's quarter.
EBITDA on a reported basis dropped by 16 percent to $1.04 billion from $1.24 billion last year.
Directional EBITDA increased by 45 percent to $1.90 billion from $1.32 billion in the previous year.
Revenue slid by 4 percent to $4.78 billion from $4.96 billion in the previous year.
Directional revenue surged by 35 percent to $6.11 billion from $4.53 billion last year.
Looking ahead, the company expects its 2025 directional revenue to exceed $4.9 billion, with more than $2.2 billion coming from the Lease and Operate segment and approximately $2.7 billion from the Turnkey segment.
Directional EBITDA for the year is anticipated to be around $1.55 billion.
Further, the company is raising its fixed cash return by 30% to $1.59 per share through a proposed $155 million dividend and a $150 million share repurchase program.
The initiative aims to deliver at least $1.7 billion in cash returns to shareholders over the next six years.
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