SBM Offshore Looks Back Comfortably on 2013

MarineLink.com
Tuesday, December 17, 2013
Image credit SBM Offshore

Ahead of the scheduled FY2013 earnings announcement1, SBM Offshore announces:

  • Production Acceptance Notice of Deep Panuke following  debottlenecking
  • Company-wide review of decommissioning provisions and vessel values leading to non-cash charges of US$160 million
  • Sale and lease back transactions for two of three Monaco offices agreed with proceeds exceeding US$100 million
  • Anticipation of FY2013 IFRS revenue of approximately US$4.6billion, compared to guidance of US$4.3 billion

 Bruno Chabas, CEO of SBM Offshore comments:
“From a difficult start, 2013 has been a year of achievements. As we close, we are updating the market on further steps that mark SBM Offshore’s progress and our determination to manage our business rigorously and efficiently.

We are pleased to announce that the Deep Panuke facility has received Production Acceptance Notice and is formally on hire. This has been a tough project, but its delivery reflects the advances we have made. Today, SBM Offshore focuses on what the client wants and delivers it. This is a significant factor in the progress being made across our project portfolio, as reflected by today’s increased 2013 IFRS revenue guidance.

We have recently concluded a Company-wide review of decommissioning provisions and vessel values. As a matter of prudent accounting, this will result in certain non-cash charges. Even so, the Company will return a positive IFRS net income for 2013 and remains firmly within its covenants.”
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First German-Latvian Maritime Forum in Riga

On 19 May, Ziemelblazma Culture Palace in Riga, the Latvian capital was the venue for a meeting between numerous representatives of the Ports of Liepaja, Riga, Ventspils, Lübeck, Kiel and Hamburg.

Shipping Corp Seafarers on Hunger Strike

Around 200 seafarers with Shipping Corporation of India (SCI), the country's largest shipping company, are on a hunger strike (industrial action) since Saturday over wages and arrears.

Elektrans Shipping Appoints Deepak Arora as MD

Elektrans Group announced the promotion of Capt. Deepak Arora to Managing Director of Elektrans Shipping Pvt. Ltd.    Capt Arora has been with the Elektrans

Contracts

Harding Sold to Palfinger

The PALFINGER Group has signed today the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group.

Wärtsilä Electrical Systems for SIEM RoRo Ferries

Wärtsilä has been awarded the contract to provide integrated turnkey electrical solutions for four new RoRo ferries being built at the Flensburger Schiffbau-Gesellschaft (FSG) yard in Germany.

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Offshore

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Finance

Harding Sold to Palfinger

The PALFINGER Group has signed today the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group.

Singapore Shipping Profits Up

Singapore Shipping Corporation(SSC)'s  net profit increased 7.8 per cent to US$9.6 million for the financial year ended March 31, 2016, compared to the previous year.

Shipping Corp Seafarers on Hunger Strike

Around 200 seafarers with Shipping Corporation of India (SCI), the country's largest shipping company, are on a hunger strike (industrial action) since Saturday over wages and arrears.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1968 sec (5 req/sec)