Sbm Offshore Stock Price, News & Analysis

On March 23, 2022, SBM Offshore announced the signing of a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kaisha regarding the FPSO Alexandre de Gusmão project. Mitsubishi and NYK will acquire 25% and 20% ownership, respectively, while SBM Offshore retains a majority 55% stake. The FPSO is under construction for deployment at the Mero field offshore Brazil under a 22.5-year contract with Petrobras, with first oil expected in 2025. This move reflects SBM's strategy to enhance partnerships and expand its offshore operations.

SBM Offshore has released the agenda and invitation for its Annual General Meeting (AGM), scheduled for April 6, 2022, at 14:30 CET. The meeting will be held virtually, focusing on the company's commitment to sustainable energy solutions and reducing emissions from fossil fuels. With over 5,000 employees globally, SBM Offshore remains dedicated to delivering affordable energy from the oceans. The company has also outlined its financial calendar, with key dates for trading updates and earnings releases throughout 2022 and 2023.

SBM Offshore has successfully commenced oil production from its FPSO Liza Unity, which officially went on hire on February 11, 2022. This unit is the first designed under SBM Offshore’s innovative Fast4Ward^® program, featuring a multi-purpose floater hull and standardized topsides modules. Located approximately 200 kilometers off the coast of Guyana in the Stabroek block, the Liza field is operated by ExxonMobil's subsidiary, with interests from Hess and CNOOC. CEO Bruno Chabas highlighted the project's significance, emphasizing its low emission intensity and efficient production capabilities.

SBM Offshore announced a 13% increase in dividend to US$1 per share following a strong performance in 2021, with Directional EBITDA of US$931 million and total cash returns of US$343 million to shareholders. The company reported a record backlog of US$29.5 billion, ensuring cashflow visibility until 2050. The 2022 revenue guidance is projected to exceed US$3.1 billion. CEO Bruno Chabas emphasized the company's commitment to the energy transition and ongoing investment in floating offshore wind technologies.

SBM Offshore has signed a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha, acquiring respective 25% and 20% stakes in the FPSO Almirante Tamandaré operation. SBM retains a 55% majority interest. The FPSO, currently under construction, is set to operate at Brazil's Búzios field under a 26.25 year lease with Petrobras, expected to produce first oil in the second half of 2024. As of December 31, 2020, SBM Offshore had approximately 4,570 employees worldwide.

SBM Offshore announces the proposed appointment of Øivind Tangen as Chief Operating Officer and member of its Management Board, effective April 6, 2022. Tangen, with 19 years at the company, is currently the Managing Director overseeing the Lease and Operate segment. His expertise in engineering and project execution aligns with SBM Offshore's commitment to operational excellence and energy transition strategy. Philippe Barril will transition to Chief Transition Officer, enhancing the team's focus on new energies while Douglas Wood remains CFO, adding Communications to his responsibilities.

SBM Offshore has secured a US$620 million bridge loan to finance the construction of the FPSO Alexandre de Gusmão, which will operate in Brazil's Mero field. The facility, arranged by a special purpose company, will be fully drawn shortly and has a 12-month term with a potential 6-month extension. SBM Offshore currently owns the entire company and is negotiating a 45% equity divestment to partners. The loan's repayment will occur upon project loan closure and initial drawdown.

SBM Offshore has signed a 22.5-year contract with Petrobras for the lease and operation of the FPSO Alexandre de Gusmão. This contract follows a binding Letter of Intent announced on August 3, 2021. The FPSO will be deployed in the Mero field, located 160 km offshore Brazil, under the Libra Consortium, where Petrobras holds a 40% stake. The company is utilizing its Fast4Ward® program for construction, with first oil anticipated in 2025.

On November 23, 2021, SBM Offshore reported the termination of a criminal investigation by the Swiss Public Prosecutor, concluding a six-year inquiry into bribery allegations involving its subsidiaries. The Company agreed to pay a total of 7.0 million CHF (approximately USD 7.6 million) as part of a penalty. Chief Governance and Compliance Officer Erik Lagendijk emphasized the Company’s commitment to compliance and integrity following this resolution, which parallels previous resolutions in the Netherlands, the U.S., and Brazil. SBM Offshore operates in the offshore energy sector, employing around 4,570 individuals globally.