SBM Offshore Looks Back Comfortably on 2013
Ahead of the scheduled FY2013 earnings announcement1, SBM Offshore (IHCB.F) 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.”