Welcome to our dedicated page for Sbm Offshore news (Ticker: SBFFY), a resource for investors and traders seeking the latest updates and insights on Sbm Offshore stock.
SBM Offshore N.V. (SBFFY) is described by the company as the world’s deepwater ocean‑infrastructure expert, focused on the design, construction, installation, and operation of offshore floating facilities for energy production. The news flow around SBM Offshore reflects both its operational activities in deepwater offshore environments and its capital management decisions.
Recent press releases provide detailed weekly updates on a EUR 141,189,019 share repurchase program. These updates summarize cumulative repurchase amounts, quantities repurchased, average repurchase prices, and the percentage of the program completed. They also specify that shares are being repurchased via Euronext Amsterdam, CBOE DXE and/or Turquoise. For investors, these disclosures offer insight into how SBM Offshore manages its share capital and supports management and employee share programs.
Operationally focused news includes announcements such as the contract extension for the lease and operation of FPSOs Mondo and Saxi Batuque with Esso Exploration Angola (Block 15) Limited, an affiliate of ExxonMobil. SBM Offshore notes that this extension secures ownership and operations until 2032 and involves life‑extension activities for equipment replacement and refurbishment, highlighting its capabilities in deepwater asset operation and complex offshore brownfield work.
Another example is the confirmation of the completion of a Share Purchase Agreement with GEPetrol for the full divestment of SBM Offshore’s equity interest in the lease and operating entities of the FPSO Aseng. The company links this transaction to its strategy to rationalize its Lease & Operate portfolio. Together, these items show that SBM Offshore’s news typically covers share repurchase activity, portfolio adjustments in leased and operated offshore units, and long‑term contracts for deepwater floating production systems.
Investors and observers can use the SBFFY news feed to follow these developments, track the progress of the share repurchase program, and monitor how SBM Offshore describes its role in the energy transition and blue economy through its public announcements.
SBM Offshore has signed contracts with Petrobras for a 26.25-year lease and operation of the FPSO Almirante Tamandaré. Following a binding Letter of Intent announced on February 25, 2021, the FPSO will be deployed at the Búzios field in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro, Brazil. Construction is underway via the Fast4Ward® program, with delivery expected in H2 2024. SBM Offshore specializes in floating production solutions for the offshore energy sector, holding a market-leading position in leased production systems.
On June 25, 2021, SBM Offshore announced the successful completion of project financing for the FPSO Prosperity totaling US$1.05 billion. The financing was backed by a consortium of 11 international banks. The loan will be drawn during construction and will convert to non-recourse upon completion. The Prosperity FPSO will produce 220,000 barrels of oil per day, with gas treatment and water injection capacities of 400 million cubic feet and 250,000 barrels, respectively. This project is part of the Payara development in the Stabroek block, offshore Guyana.
SBM Offshore reported a year-to-date underlying directional revenue of US$536 million for Q1 2021, reflecting a 12% decline from US$607 million in Q1 2020, primarily due to a drop in the Turnkey segment.
Despite challenges from the pandemic, operating performance remained strong, with an increased cash dividend of US$165 million, marking a 10% year-on-year increase.
The company maintains its guidance for 2021 revenues of approximately US$2.6 billion and EBITDA of US$900 million. Financial health sees net debt rising to US$4.3 billion.
On April 7, 2021, SBM Offshore N.V. announced that all resolutions proposed at the Annual General Meeting were adopted. Key decisions included the reappointment of Douglas Wood as CFO and the appointment of Ingelise Arntsen to the Supervisory Board. Shareholders approved a cash dividend of $165 million, translating to $0.8854 per share, payable in Euros on May 6, 2021. Additionally, a Dividend Reinvestment Plan (DRIP) will be available for shareholders. The company's main focus is on offshore floating production solutions, employing approximately 4,570 people worldwide.
SBM Offshore has signed a Letter of Intent (LOI) with Petrobras for a 26.25-year lease and operation of the FPSO Almirante Tamandaré at the Búzios field, offshore Brazil. This FPSO will be the largest oil-producing unit in Brazil and among the largest globally, with a daily capacity of 225,000 barrels of oil and 12 million m3 of gas. The FPSO will utilize SBM Offshore’s Fast4Ward® program for its design and construction. Delivery is anticipated in the second half of 2024.
SBM Offshore has announced the agenda for its Annual General Meeting (AGM), scheduled for April 7, 2021, at 14:30 Central European Time, to be held virtually. The company is a leader in providing floating production solutions for the offshore energy sector. As of December 31, 2020, SBM Offshore employed approximately 4,570 people globally. For further details about the AGM and company operations, shareholders can visit the SBM Offshore website.
SBM Offshore announces the nomination of Ingelise Arntsen to its Supervisory Board at the Annual General Meeting of Shareholders on April 7, 2021. Arntsen brings over 20 years of experience in renewable energy and currently serves in several non-executive roles. The AGM agenda and notice will be available on the company's website starting February 24, 2021. SBM Offshore specializes in floating production solutions for the offshore energy sector and employs around 4,570 people globally as of December 31, 2020.
SBM Offshore reported a 6% increase in underlying revenue for 2020, totaling US$2,291 million, driven primarily by the Lease and Operate segment. EBITDA rose by 13% to US$944 million. The company secured a 10% dividend increase, totaling US$165 million, and their directional revenue guidance for 2021 is around US$2.6 billion. Pro-forma backlog increased to US$21.6 billion, mainly due to contracts for FPSO projects in Guyana. However, profit attributable to shareholders fell by 84% to US$38 million, primarily linked to restructuring costs and impairments.
SBM Offshore has successfully priced an US$850 million non-recourse senior secured notes transaction through its subsidiary, Guara Norte S.à r.l., which owns the FPSO Cidade de Ilhabela. SBM Offshore holds 75% equity in Guara Norte. The notes, rated Ba1 by Moody’s and BB+ by Fitch, have a 5.198% fixed coupon and will be amortized over 13.5 years. The funds will be used to repay US$535 million in existing bank debt, unwind hedge arrangements, and cover transaction expenses. The oversubscribed offering is set to close on February 11, 2021.
SBM Offshore announced on October 1, 2020, that Esso Exploration and Production Guyana Limited awarded contracts for the Payara development project in the Stabroek block, offshore Guyana. SBM will construct, install, lease, and operate the Prosperity FPSO for two years, after which ownership will transfer to EEPGL. The FPSO is designed to produce 220,000 barrels of oil per day and will support local economy initiatives, including contracts for Guyanese companies and recruitment of local engineers. This award highlights SBM's collaboration with ExxonMobil amidst a competitive offshore energy market.
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