Sbm Offshore Stock Price, News & Analysis

SBM Offshore has announced the nomination of two new Supervisory Board members: Lucia de Andrade, currently Senior VP Deepwater Project at Shell, and Denise Dettingmeijer, CFO at Medical Solutions. The appointments will be confirmed at an upcoming Extraordinary General Meeting. Hilary Mercer will step down from the Supervisory Board on January 1, 2025, due to commitments in her role as Executive VP Projects & Engineering at Shell. The nominations aim to bring valuable experience in deepwater development and financial expertise to the board.

SBM Offshore has been awarded contracts for the GranMorgu field development project in Suriname's Block 58 by TotalEnergies. In partnership with Technip Energies, SBM Offshore will construct and install a Floating Production, Storage and Offloading vessel (FPSO) with a production capacity of 220,000 barrels of oil per day and gas treatment capacity of 500 million cubic feet per day. The FPSO will be deployed in 400 meters water depth, capable of storing 2 million barrels of crude oil. The all-electric drive vessel is designed to eliminate routine flaring, with first oil expected in 2028.

SBM Offshore has significantly increased its 2024 guidance following major developments. The company's Directional EBITDA guidance was raised by 46% to around US$1.9 billion, while revenue guidance increased by 58% to above US$6.0 billion. Key highlights include the sale of FPSO Prosperity to ExxonMobil Guyana, the expected sale of FPSO Liza Destiny by year-end, and TotalEnergies' contract award for an FPSO in Suriname. The company's YTD Directional revenue reached US$2,838 million, up 26% year-over-year, with both Lease and Operate and Turnkey segments showing strong growth.

SBM Offshore reports progress on its EUR130 million share repurchase program for November 7-13, 2024. The program, initially launched at EUR65 million and later doubled, aims to reduce share capital and provide shares for employee programs. As of November 13, 2024, the company has repurchased 4,848,640 shares at an average price of EUR15.29, completing 57.02% of the program with EUR74,124,488 spent. In the last five trading days, 101,647 shares were repurchased at an average price of EUR17.58, totaling EUR1,787,022.

SBM Offshore and ExxonMobil Guyana have completed the sale transaction of FPSO Prosperity for approximately US$1.23 billion. The deal was finalized ahead of the maximum lease term's expiration in November 2025. Under the agreement, ExxonMobil Guyana takes ownership while SBM Offshore will continue operations and maintenance until 2033. The net proceeds will be used to repay the US$0.98 billion project financing, reducing SBM Offshore's debt position. The FPSO Prosperity has been operational since November 2023, and will continue operating under an integrated model combining both companies' expertise.

SBM Offshore reports progress on its EUR130 million (c. US$140 million) share repurchase program from October 31 to November 6, 2024. The program, initially announced at EUR65 million and later doubled, aims to reduce share capital and provide shares for employee programs. As of November 6, 55.64% of the program is completed, with EUR72.3 million spent to repurchase 4.7 million shares at an average price of EUR15.24. The latest week saw 140,002 shares purchased at an average price of EUR16.96, totaling EUR2.37 million.

SBM Offshore reports progress on its EUR130 million (c. US$140 million) share repurchase program for October 24-30, 2024. The program, initially announced at EUR65 million and later increased by another EUR65 million, aims to reduce share capital and provide shares for employee programs. As of October 30, 2024, the company has completed 53.82% of the program, repurchasing 4,606,991 shares at an average price of EUR15.19, totaling EUR69,962,823. In the last five trading days, 192,010 shares were repurchased at an average price of EUR16.69, amounting to EUR3,204,955.

SBM Offshore has completed the divestment of a 13.5% ownership interest in the FPSO Sepetiba special purpose companies to China Merchants Financial Leasing (CMFL). This follows their February 2022 agreement, which stipulated CMFL would acquire the interest after the FPSO commenced operations. SBM Offshore remains the operator and majority shareholder with 51% ownership. The FPSO Sepetiba is installed at the Mero unitized field in Brazil's Santos Basin, operated by Petrobras (38.6%) in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%), and PPSA (3.5%).

SBM Offshore reported details of its EUR130 million share repurchase program for October 17-23, 2024. The program, initiated on March 1, 2024, with EUR65 million and increased by another EUR65 million in August 2024, aims to reduce share capital and provide shares for employee programs. As of October 23, 2024, the company has completed 51.35% of the program, repurchasing 4,414,981 shares at an average price of EUR15.12, totaling EUR66.7 million. In the last five trading days, 172,112 shares were repurchased at an average price of EUR16.85.