February 11, 2021 Stayed the course: guidance delivered,
growing dividend, backlog increased and transformation on
track
Highlights
- 2020 guidance delivered: Underlying1 Directional2 revenue
US$2,291 million; Underlying Directional EBITDA US$944 million
- Almost US$1 billion Year on Year net increase of pro-forma
Directional backlog3 to US$21.6 billion
- Sustainability targets met
- Renewables and emissionZEROTM programs advanced; first floating
offshore wind order secured
- Sixth Fast4Ward® Multi-Purpose Floater hull ordered
- Dividend increase of 10% totaling US$165 million
- 2021 Directional revenue guidance of around US$2.6 billion;
Directional EBITDA guidance of around US$900 million
SBM Offshore’s 2020 Annual Report can be found
on its website under:
https://2020.annualreport.sbmoffshore.com/
Bruno Chabas, CEO of SBM Offshore,
commented:
“2020 has been a difficult year for everyone,
including SBM Offshore. COVID-19 affected our clients and the wider
energy market and impacted our operations and projects. Our teams
admirably met the challenge. In our Turnkey business, we maintained
progress on the Liza Unity, Sepetiba and Prosperity FPSO projects,
while operating in a tough environment. In the Lease and Operate
division, we have achieved a fleet uptime of 99%, with heightened
safety measures to adapt to the new operating environment. Our 2020
financial results are one example of our strong performance in this
challenging year and a demonstration of the resilience of our
business model.
The pandemic acted as a catalyst for our
transformation. Our business is now structured along three
long-term value platforms: the ocean infrastructure Lease and
Operate portfolio, the Turnkey experience and technical know-how
adding new products to grow this portfolio and the New Energies
business centered on gas, renewables and digital services. We are
entering a period where the energy business will experience an
increasing shift in its sources of supply and demand fluctuation
but with significant growth potential nonetheless. By adapting our
business model, we lowered our break-even point to ensure that we
can be more competitive, responsive and agile.
SBM Offshore’s Fast4Ward®, Digitalization and
emissionZERO™ transformation programs are delivering increased
value with lower emissions and lower costs to our clients. The
energy transition has provided new opportunities to leverage our
experience in floating energy solutions. We are making good
progress on the floating offshore wind project for EDF’s Provence
Grand Large project as well as the pilot for our Wave Energy
Converter. Together with lower emission offerings from our core
business, such projects will allow SBM Offshore to build its
platform of ocean infrastructure for generations to come.”
Financial Overview
|
|
Directional |
|
IFRS |
|
|
|
|
|
|
|
|
|
in US$ million |
|
FY 2020 |
FY 2019 |
% Change |
|
FY 2020 |
FY 2019 |
% Change |
Revenue |
|
2,368 |
2,171 |
9% |
|
3,496 |
3,391 |
3% |
Lease and Operate |
|
1,699 |
1,315 |
29% |
|
1,761 |
1,327 |
33% |
Turnkey |
|
669 |
856 |
-22% |
|
1,735 |
2,064 |
-16% |
Underlying Revenue |
|
2,291 |
2,171 |
6% |
|
3,419 |
3,391 |
1% |
Lease and Operate |
|
1,622 |
1,315 |
23% |
|
1,684 |
1,327 |
27% |
Turnkey |
|
669 |
856 |
-22% |
|
1,735 |
2,064 |
-16% |
EBITDA |
|
1,021 |
921 |
11% |
|
1,043 |
1,010 |
3% |
Lease and Operate |
|
1,108 |
842 |
32% |
|
1,007 |
783 |
29% |
Turnkey |
|
(9) |
53 |
-117% |
|
114 |
290 |
-61% |
Other |
|
(78) |
26 |
-400% |
|
(78) |
(63) |
-24% |
Underlying EBITDA |
|
944 |
832 |
13% |
|
966 |
1,010 |
-4% |
Lease and Operate |
|
1,031 |
842 |
22% |
|
930 |
783 |
19% |
Turnkey |
|
(9) |
53 |
-117% |
|
114 |
290 |
-61% |
Other |
|
(78) |
(63) |
-24% |
|
(78) |
(63) |
-24% |
Profit attributable to Shareholders |
|
38 |
235 |
-84% |
|
191 |
366 |
-48% |
Underlying Profit attributable to
Shareholders |
|
125 |
171 |
-27% |
|
277 |
391 |
-29% |
Earnings per share [US$ per share] |
|
0.20 |
1.18 |
-83% |
|
1.00 |
1.84 |
-46% |
Underlying earnings per share [US$ per share] |
|
0.66 |
0.86 |
-23% |
|
1.46 |
1.97 |
-26% |
|
|
|
|
|
|
|
|
|
in US$ million |
|
FY 2020 |
FY 2019 |
|
|
FY 2020 |
FY 2019 |
|
Non-recurring items impacting Revenue |
|
77 |
- |
|
|
77 |
- |
|
Deep Panuke redelivery |
|
77 |
- |
|
|
77 |
- |
|
Non-recurring items impacting EBITDA |
|
77 |
90 |
|
|
77 |
- |
|
Deep Panuke redelivery |
|
77 |
- |
|
|
77 |
- |
|
Transaction Constellation (QGOG) |
|
- |
90 |
|
|
- |
- |
|
Non-recurring items impacting Profit |
|
(164) |
(25) |
|
|
(164) |
(25) |
|
Deep Panuke depreciation |
|
(78) |
- |
|
|
(78) |
- |
|
SBM Installer impairment |
|
(57) |
- |
|
|
(57) |
- |
|
Other impairments |
|
(29) |
(25) |
|
|
(29) |
(25) |
|
Total non-recurring items impacting Profit |
|
(87) |
65 |
|
|
(87) |
(25) |
|
|
|
|
|
|
|
|
|
|
in US$ billion |
|
FY 2020 |
FY 2019 |
% Change |
|
FY 2020 |
FY 2019 |
% Change |
Pro-Forma Backlog |
|
21.6 |
20.7 |
4% |
|
- |
- |
- |
Net Debt |
|
4.1 |
3.5 |
17% |
|
5.2 |
4.4 |
18% |
Underlying Directional revenue for full year
2020 came in at US$2,291 million, an increase of 6% compared with
2019, mainly driven by the Lease and Operate segment. Underlying
Directional revenue from Lease and Operate was US$1,622 million
compared with US$1,315 million in 2019. This increase resulted from
FPSO Liza Destiny joining the fleet after achieving first oil at
the end of 2019 and the Company's increased ownership in the Lease
and Operate entities related to increased shares in five Brazilian
FPSOs purchased by the Company late in 2019. Directional Turnkey
revenue reduced by 22% to a total of US$669 million for the period.
Although there was a high level of activity with the three FPSOs
under construction in 2020, with the completion of the main EPC
activities for the Johan Castberg turret earlier in the year, the
balance of activity moved towards projects linked to Lease and
Operate with therefore lower contribution to Turnkey revenue.
Underlying Directional EBITDA for 2020 totaled
US$944 million, representing a 13% or US$112 million increase
compared with 2019. Underlying Directional Lease and Operate EBITDA
increased by 22% or US$189 million to a total of US$1,031 million
compared with last year. This rise is caused by the same drivers as
the increase in Lease and Operate revenue. The incremental costs
from the implementation of additional safety measures linked to
COVID-19 have been partially recharged to clients under
reimbursable contracts. Underlying Directional Turnkey EBITDA
decreased by US$62 million to a total of US$(9) million, mainly
reflecting US$(40) million of restructuring costs as well as lower
contribution from smaller product lines during the current year.
Compared with 2019, Other cost increased by US$15 million to
US$(78) million. This increase mainly resulted from one-off legal
and tax expenses, restructuring costs and investment in the
Company’s digital initiatives.
The increased level of activity in the
construction of new FPSOs did not significantly contribute to gross
margin in 2020 under Directional reporting, because the ramp up in
construction leading to profit recognition from joint venture
partners in the FPSO Sepetiba was offset by the reduced level of
activity on the Johan Castberg Turret Mooring System EPC project.
In addition, the FPSO Liza Unity project and the FPSO Prosperity
project are 100% owned by the Company and classified as operating
lease as per Directional accounting policies. As such, these
projects do not contribute to the Company’s net result before first
oil. For more details, refer to SBM Offshore’s Directional
accounting principles in chapter 4.3.2 of the Company’s 2020 Annual
Report.
As communicated at the end of the first half
2020 in relation to the early redelivery of the Deep Panuke
platform, Underlying Directional revenue and EBITDA exclude the
accelerated revenue and EBITDA recognized of US$77 million and
related to cash, albeit to be received only in 2021. Considering
the associated depreciation of the vessel, this transaction only
negligibly impacted the Directional gross margin and profit
attributable to shareholders.
Underlying Directional net profit for 2020
totaled US$125 million, or US$0.66 per share, a reduction of $US46
million compared with last year mainly driven by restructuring
costs. In addition to the negligible impact of the Deep Panuke
platform redelivery, the Underlying Directional net profit is
adjusted by an impairment of US$(57) million related to the diving
support and construction vessel (DSCV) SBM Installer and other
various impairments of US$(29) million (individually not
material).
Adapting the Business Model
The Company’s strategy is set to adapt its
products and business model to an environment of shorter oil price
cycles and increased volatility. Consequently, as announced during
the half year earnings, the Company reorganized the allocation of
activities in its centers to become more efficient.
Compared with year-end 2019, the reorganization
has led to a reduction of approximately 600 positions. The
annualized cost of these positions is approximately US$100 million.
Severance costs incurred in 2020 amounted to US$(46) million and
are included in the underlying results. These measures will enable
the Company to lower its break-even point, particularly in its
Turnkey activities, and allow activities to be scaled in line with
market demand at a competitive cost.
Funding and Directional Net Debt
Total undrawn facilities and cash totaled US$1.7
billion as at the end of 2020. As a direct result of investment in
growth, Directional net debt increased from US$3.5 to US$4.1
billion over the full year period. This includes capital
expenditures associated with the FPSO projects Liza Unity, Sepetiba
and Prosperity and the expenditures on the unallocated Fast4Ward®
MPF hulls.
The majority of the Company's debt at the end of
2020 consisted of non-recourse project financing (US$3.1 billion)
in special purpose investees. The remainder (US$1.3 billion)
comprised of borrowings to support the construction of FPSO Liza
Unity and FPSO Sepetiba as well as the loan related to the DSCV SBM
Installer. The latter is offset by a reduction in associated lease
liabilities following the acquisition in 2020 of the partner’s
share in the company owning the vessel.
As at the end of 2020, the Company’s US$1
billion Revolving Credit Facility (RCF) remained undrawn. On
February 1, 2021, SBM Offshore obtained lenders’ consent for a one
year extension of the RCF, taking the maturity to February 13,
2026.
The RCF carries a sustainability performance
component in its pricing mechanism based on the Company’s relative
score on sustainability metrics compared with December 2018,
measured by Sustainalytics, an independent third party expert. SBM
Offshore has maintained its improved score resulting in a five
basis points discount calculated on the facility’s interest
rate.
Directional Pro-Forma Backlog
Change in ownership percentages and lease
contract durations have the potential to significantly impact the
Company's future cash flows, net debt balance as well as the profit
and loss statement. The Company therefore provides a pro-forma
backlog on the basis of the most likely ownership scenarios and
lease contract durations for the various projects.
The pro-forma Directional backlog increased by
almost US$1 billion year on year to a total of US$21.6 billion. The
increase was mainly the result of the contracts awarded for the
next phase of the Payara development (being the FPSO Prosperity
project), a change in FPSO Liza Destiny assumptions to reflect the
basic contractual term of 10 years of lease and operate and a five
year extension of the lease and operate contracts of the FPSO
Espirito Santo.
(in billion US$) |
|
Turnkey |
Lease & Operate |
Total |
2021 |
|
0.5 |
1.5 |
2.0 |
2022 |
|
0.3 |
1.6 |
1.9 |
2023 |
|
0.1 |
1.6 |
1.7 |
Beyond 2023 |
|
2.4 |
13.6 |
16.0 |
Total Backlog |
|
3.3 |
18.3 |
21.6 |
The pro-forma Directional backlog at the end of
2020 reflects the following key assumptions:
- The FPSO Liza Destiny contract covers 10 years of lease and
operate. Based on previous discussions with the client, it was
expected that the client would purchase the unit after a period of
up to two years of operations, which as a result was reflected in
previous pro-forma backlog at December 31, 2018 and 2019.
Considering ongoing discussions with the client regarding lease and
operations durations for FPSOs in Guyana, the current pro-forma
backlog at December 31, 2020 was updated to reflect the basic
contractual term of 10 years of lease and operate.
- The FPSO Liza Unity and Prosperity contracts cover a maximum
period of two years of lease and operate within which period the
units will be purchased by the client. The impact of the sale is
reflected in the Turnkey backlog.
- Discussions are ongoing with the client on the lease and
operations durations for FPSOs in Guyana. The potential impact of
these discussions has not been included in the backlog, as they
have not yet been completed.
For further details of the overall assumptions
applicable to the backlog, refer to the 2020 Annual Report.
Project Review
Project |
Client/country |
Contract |
SBM Share |
Capacity, Size |
Percentage of Completion |
Expected Delivery |
Liza Unity, FPSO |
ExxonMobil Guyana |
2 year Build, Operate, Transfer |
100% |
220,000 bpd |
>75% |
2022 |
Sepetiba, FPSO |
Petrobras Brazil |
22.5 year Lease & Operate |
64.5% |
180,000 bpd |
>25% <50% |
2022 |
Prosperity, FPSO |
ExxonMobil Guyana |
2 year Build, Operate, Transfer |
100% |
220,000 bpd |
<25% |
2024 |
Construction activities for SBM Offshore’s major
projects were impacted during 2020 as a result of the pandemic.
Nevertheless, all projects progressed, albeit at a lower pace. SBM
Offshore’s project teams have worked together with clients and
suppliers in order to mitigate impacts in terms of costs and
delays. The ultimate delivery of major projects is not considered
at risk as at the end of 2020, based on currently known
circumstances.
FPSO Liza Destiny
Commissioning work of FPSO Liza Destiny was
finalized in December 2020 with the execution of the performance
test.
FPSO Liza Unity
The topsides module lifting campaign is
significantly underway and the progress of the topsides integration
phase is gaining momentum in the yards in Singapore, which are
operating at planned capacity following their re-opening in the
third quarter of 2020. Offshore Guyana, SBM Offshore’s Normand
Installer vessel has successfully completed the installation of the
suction piles and mooring lines, which are now ready for pick-up
and hook-up to the FPSO upon its arrival. The project continues to
target first oil in 2022 in line with client planning.
FPSO Sepetiba
The project modules fabrication is progressing
in Brazil and China. The Fast4Ward® MPF hull will be launched out
of drydock during Q1 2021 with the project team now focusing on
hull commissioning activities. The FPSO project planned completion
is end of 2022.
FPSO Prosperity
The hull has been commissioned and is ready for
the next steps in lay-up in Batam, Indonesia. All major project
purchase orders have been placed. The engineering is progressing as
planned, benefiting from synergies with the Liza Unity project and
the Fast4Ward® module catalogue. The project is progressing
according to schedule with a planned completion in 2024.
Fast4Ward® MPF hulls
The Company recently placed an order for an
additional Fast4Ward® MPF hull, bringing the total number of hulls
ordered under the Company’s Fast4Ward® program to date to six. The
contract for the construction of this hull was signed with Shanghai
Waigaoqiao Shipbuilding.
Three MPF hulls under the program are allocated
to FPSOs Liza Unity, Sepetiba and Prosperity.
Construction of the two hulls allocated to FPSO Liza Unity and FPSO
Prosperity has been completed. Construction of the hull allocated
to FPSO Sepetiba and hulls number four and five are making progress
in line with SBM Offshore’s execution plan. The construction of the
sixth hull is expected to start in the second half of 2021.
Operational Update
Despite challenging circumstances due to the
COVID-19 pandemic, the Company demonstrated operational resilience.
The fleet uptime during 2020 was 99%, in line with the fleet’s
lifetime historical average.
In order to achieve such results, specific
measures were implemented by the Company such as (i) optimization
of crew rotations (in order to adjust to the impact of
international travel restrictions), (ii) implementation of
prescreening protocols prior to offshore embarkation, (iii)
creation of local secured quarantine facilities and (iv)
development of internal Polymerase Chain Reaction (PCR) testing
capability, which is now available in most operating locations. The
Company’s COVID-19 response strategy aims to prevent the occurrence
of cases on board of the vessels and in onshore locations and
thereby to protect personnel and to minimize impact on
operations.
HSSE
The Company’s Total Recordable Injury Frequency
Rate for the year was 0.10, compared with the full year 2020 target
of below 0.20. SBM Offshore’s priority is the health and safety of
its staff, contractors and their families, along with ensuring safe
operations across all the Company’s activities. The COVID-19
pandemic has increased complexity and risk for the business
requiring additional focus to mitigate operational disruption and
impacts on the health and wellbeing of employees.
New Energies and Ambition 2030
Through the delivery of New Energies – the
Company’s third value platform, next to Ocean Infrastructure and
Growing the Core – SBM Offshore is leveraging its experience and
capability in floating energy solutions to contribute to the energy
transition. The Company targets to have at least 25% of revenues
from gas and renewables products by 2030. SBM Offshore has invested
over 50% of its 2020 R&D budget in non-carbon technologies to
promote energy transition and decarbonization.
SBM Offshore has progressed the engineering
services for the Provence Grand Large project for EDF
Renouvelables, and is now entering into the procurement and
construction stage of the three 8.4MW floaters and the mooring
systems that are planned to be installed offshore Marseille,
France. Leveraging SBM Offshore’s long and unique experience of
delivering more than 500 floating systems along with that gained
from this pilot project will enable the Company to further tune its
technology, its execution model and to scale up for future wind
farm projects.
Construction of the first prototype for the
innovative Wave Energy Converter S3® is progressing at the
Company’s R&D center with deployment targeted in 2022 offshore
Monaco. The Wave Energy Converter S3® was recently ranked as the
second most promising wave energy technology by an independent
third-party consultant performing a benchmarking study with respect
to wave energy technologies.
Sustainability
Sustainability is a key topic for SBM Offshore;
it contributes to the Company’s vision to provide Safe, Sustainable
and Affordable Energy for generations to come. As such,
sustainability is integrated in every phase of the lifecycle of SBM
Offshore’s projects; from new technological development of both
core and New Energies products to the recycling phase. The
Company’s performance is favorably rated by external rating
agencies such as Sustainalytics, DJSI, MSCI and CDP, with improving
scores year on year.
SBM Offshore uses the United Nations’
Sustainable Development Goals (SDG) framework to embed
sustainability into the Company’s strategy. For the year 2020, the
Company set ten targets related to six SDGs: Good Health and
Well-being (SDG 3); Affordable and Clean Energy (SDG 7); Decent
Work and Economic Growth (SDG 8); Industry, Innovation and
Infrastructure (SDG 9); Climate Action (SDG13); Life Below Water
(SDG 14). All of the ten targets have been met or exceeded. Refer
to the 2020 Annual Report for further details.
SBM Offshore sets a particular priority on the
reduction of greenhouse gas (GHG) emissions. The Company exceeded
its target to reduce gas flared on SBM Offshore’s account from its
existing fleet at year end 2019 achieving a reduction of 36%
compared with the target of 25%. Following start up and
commissioning from the end of 2019, FPSO Liza Destiny emissions
will be included from 2021 onwards. After challenges during her
commissioning which were exacerbated by supply chain disruption due
to COVID-19, main gas compression issues were resolved in the
course of the second half of 2020. The lessons learned have
resulted in an adjusted approach for future project and
operations.
All FPSO tenders from SBM Offshore include
emission projections for the operation phase, which has enabled the
Company to engage with clients on asset carbon footprint as well as
potential solutions to reduce GHG emissions in the future. This
engagement has been further enhanced by the evolution of the
emissionZERO™ concept announced in early 2020 into a comprehensive
program targeting floating energy production solutions with near
zero emissions. Activities comprise new product development and
embedding emissionZERO™ in SBM Offshore’s ways of working; 39
discrete projects and initiatives are currently underway. The
program also includes running a stakeholder engagement platform
given that it is highly dependent on market acceptance.
Shareholder Returns
The Company’s dividend policy is to maintain a
stable dividend, which grows over time. Determination of the
dividend is based on the Company’s assessment of its underlying
cash flow position. As part of the Company’s regular planning
process, following review of its cash flow position and forecast,
the Company has concluded that the outlook for cash flow generation
has improved given the increase in the quantum of the Lease and
Operate backlog. Based on this, a dividend of US$165 million, which
equals to US$0.89 per share based on the number of shares
outstanding less the number of treasury shares held at December 31,
2020, to be paid out of retained earnings, will be proposed at the
Annual General Meeting on April 7, 2021. This represents an
increase of 10% compared to the dividend paid in 2020.
Outlook and Guidance
The challenges seen in 2020 will undoubtedly
continue in 2021. Clients are restructuring and have significantly
cut their budgets. However, the strong fundamentals of deepwater
projects located in quality resource areas see these ranking
favorably in client’s capital allocations. The investments made by
SBM Offshore over many years to transform the Company for the
future underpinned by the strong cash flow from the long-term
backlog leave the company well positioned to deliver its strategy,
notwithstanding the continued challenges associated with the
pandemic and oil prices.
The Company’s 2021 Directional revenue guidance
is around US$2.6 billion, of which around US$1.6 billion is
expected from the Lease and Operate segment and around US$1 billion
from the Turnkey segment. 2021 Directional EBITDA guidance is
around US$900 million for the Company.
This guidance includes Directional revenues and
EBITDA of US$77 million related to the expected cash receipts in
2021 from the Deep Panuke contract, which were both excluded from
the 2020 outlook and underlying results. It also considers the
currently foreseen COVID-19 impacts on projects and fleet
operations. The Company highlights that the direct and indirect
impact of the pandemic could continue to have a material impact on
the Company’s business and results and the realization of the
guidance for 2021.
Conference Call
SBM Offshore has scheduled a conference call
together with a webcast, which will be followed by a Q&A
session, to discuss the Full Year 2020 Earnings
release.
The event is scheduled for Thursday, February
11, 2021 at 10.00 AM (CET) and will be hosted by Bruno Chabas
(CEO), Douglas Wood (CFO), Philippe Barril (COO) and Erik Lagendijk
(CGCO). Interested parties are
invited to register prior to the call using the
registration
link: https://www.kpneventcall.nl/EventRegistration/fd435fe4-e529-4e8a-a8ea-7a72d167b07f
Please note that the conference call can only be
accessed with a personal identification code, which is sent to you
by email after completion of the registration.
The live webcast will be
available
at: https://channel.royalcast.com/landingpage/sbmoffshoreinvestors/20210211_1/
A replay of the webcast, which is available shortly after the
call, can be accessed using the same link.
Corporate Profile
The Company’s main activities are the design,
supply, installation, operation and the life extension of floating
production solutions for the offshore energy industry over the full
lifecycle. The Company is market leading in leased floating
production systems, with multiple units currently in operation.
As of December 31, 2020, the Company employed
approximately 4,570 people worldwide spread over offices in our key
markets, operational shore bases and the offshore fleet of
vessels.
SBM Offshore N.V. is a listed holding company
headquartered in Amsterdam, the Netherlands. It holds direct and
indirect interests in other companies.
Where references are made to SBM Offshore N.V.
and /or its subsidiaries in general, or where no useful purpose is
served by identifying the particular company or companies “SBM
Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
February 11, 2021
Financial Calendar |
Date |
Year |
Annual General Meeting of Shareholders |
April 7 |
2021 |
Trading Update 1Q 2021 – Press Release |
May 12 |
2021 |
Half Year 2021 Earnings – Press Release |
August 5 |
2021 |
Trading Update 3Q 2021 – Press Release |
November 11 |
2021 |
Full Year 2021 Earnings – Press Release |
February 10 |
2022 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Telephone: |
+31 (0) 20 236 3222 |
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Telephone: |
+31 (0) 20 236 3170 |
Mobile: |
+31 (0) 6 25 68 71 67 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. This press release contains regulated information
within the meaning of the Dutch Financial Markets Supervision Act
(Wet op het financieel toezicht). Some of the statements contained
in this release that are not historical facts are statements of
future expectations and other forward-looking statements based on
management’s current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance, or events to differ materially from those in such
statements. Such forward-looking statements are subject to various
risks and uncertainties, which may cause actual results and
performance of the Company’s business to differ materially and
adversely from the forward-looking statements. Certain such
forward-looking statements can be identified by the use of
forward-looking terminology such as “believes”, “may”, “will”,
“should”, “would be”, “expects” or “anticipates” or similar
expressions, or the negative thereof, or other variations thereof,
or comparable terminology, or by discussions of strategy, plans, or
intentions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in this
release as anticipated, believed, or expected. SBM Offshore NV does
not intend, and does not assume any obligation, to update any
industry information or forward-looking statements set forth in
this release to reflect subsequent events or circumstances. Nothing
in this press release shall be deemed an offer to sell, or a
solicitation of an offer to buy, any securities.
1 Underlying 2020 revenue and EBITDA excludes
one-off effects in 2020 and 2019 to enable comparison of
like-for-like underlying performance. For explanation of the
various items that were adjusted, see the table in section
“Financial Overview” below.
2 Directional view, presented in the Financial
Statements under Operating Segments and Directional Reporting,
represents a pro-forma accounting policy, which assumes all lease
contracts are classified as operating leases and all vessel
investees are proportionally consolidated. This explanatory note
relates to all Directional reporting in this document.
3 The pro-forma Directional backlog is based on
the best available information regarding ownership scenarios and
lease contract duration for the various projects for more details,
refer to the 2020 Annual Report.
- SBMO-FY20-Earnings-press-release
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