Bruno Chabas News

Dutch firm SBM Offshore said Friday it had won contracts to perform front-end engineering and design (FEED) for a floating production, storage, and offloading vessel (FPSO) for the ExxonMobil-led Whiptail development project in Guyana.Following FEED and subject to government approvals in Guyana of the development plan, and project sanction, including the final investment decision by ExxonMobil, to release the second phase of work, SBM Offshore will construct and install the FPSO.

Dutch FPSO leasing specialist SBM Offshore has ordered its latest Fast4Ward multi-purpose floater hull as it marked a new record level order book at $31.1 billion. The latest Fast4Ward floating production unit (FPU) is expected to be delivered in 2024, the firm said yesterday in its half year earnings. It also said it could have near-zero emissions FPSO available to the market by 2025. "Our market outlook for new FPSOs remains positive as the world requires energy which is not only sustainable, but also affordable and reliable," said Bruno Chabas, CEO of SBM Offshore.

Oil and gas services company SBM Offshore on Thursday reported a better than expected decline in core profit for the first half of 2021 as it looks to develop floating offshore wind projects.After reducing spending sharply in the face of a pandemic-induced demand collapse, major energy companies have profitted from surging oil and gas prices that have fed into investment budgets, buoying SBM's results.The Dutch company's first-half earnings before interest, tax, depreciation and amortisation (EBITDA) were down 4% at $501 million, beating the $477 million expected by analysts in a company-provi

Brazilian oil giant Petrobras has signed a letter of intent with Dutch FPSO supplier SBM Offshore for the delivery of an FPSO to be deployed in the Búzios field in the Santos Basin, offshore Brazil.SBM Offshore will be responsible for the engineering, procurement, construction, installation, and operation of the FPSO, to be named the FPSO Almirante Tamandaré. The contract for the lease and operation is for 26.25 years. The FPSO will be the largest oil-producing unit operating offshore Brazil and one of the largest in the world…

SBM Offshore forecast that 2021 core earnings will be slightly below market expectations, the multinational oil firm said on Thursday, noting 2020 challenges will spill into 2021 as many of its clients had to cut budgets.The Dutch company, which supplies floating oil and gas production vessels, forecasts earnings before interest, tax, depreciation, and amortization (EBITDA) of around $900 million in 2021, missing a company-provided consensus for an EBITDA of $926 million."COVID-19 affected our clients and the wider energy market and impacted our operations and projects…

SBM Offshore announced it has signed contracts with Chinese shipyards for the construction of the company’s fourth and fifth hulls under its purchase program for Fast4Ward newbuild multipurpose floating production, storage and offloading unit (FPSO) hulls.The contracts were signed with Shanghai Waigaoqiao Shipbuilding and Offshore Co., Ltd. (SWS) and China Merchants Industry Holdings (CMIH). Both yards are also progressing the construction of SBM Offshore’s first three hulls which…

Dutch-based floating production, storage and offloading unit (FPSO) provider SBM Offshore has won a contract to deliver an FPSO for ExxonMobil’s second phase of the Liza development offshore Guyana.Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Liza project in Guyana, said a press release from SBM.Under these contracts, SBM Offshore will construct, install and thereafter lease and operate for up to two years the Liza Unity FPSO. This follows completion of front-end engineering studies, receipt of requisite government approvals…

SBM Offshore signed a contract Wednesday for a second hull in its planned series of Fast4Ward floating production, storage and offloading units (FPSO) with Chinese shipyard Shanghai Waigaoqiao Shipbuilding and Offshore Co., Ltd. (SWS).The order, which coincides with a keel laying ceremony for SBM's first Fast4Ward hull at the Shanghai shipyard, has been made before any engineering, procurement and construction (EPC) contract for the second hull. The Dutch company cited "continuing…

SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014. Due to low production costs, the shale oil market has attracted huge investments, especially in the United States, and outperformed investor interest elsewhere in the oil market.

SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts. It said it did not expect a full recovery in its business until 2018, after its revenues slid 40 percent in January-June. Oil and gas producers slashed their budgets in the past two years as crude oil prices tumbled, which in turn dented revenues and profits at oilfield service providers.

SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company. SBM Offshore reached a record $240 million settlement in November 2014 with Dutch and U.S. authorities relating to corruption charges in Angola, Brazil and Equatorial Guinea, involving an estimated $200 million in bribes paid between 2007 and 2011. SBM Offshore said in a statement it was setting aside $245 million for a possible settlement with Brazilian authorities, although the timing of a settlement was unclear. The company, which generates roughly 60 percent of revenue in Brazil…

SBM Offshore the world's top oil production ship leaser, said on Wednesday a fall in orders hit its third-quarter revenue as clients trimmed spending amid ongoing low oil prices. The Amsterdam-based company, which generates roughly 60 percent of its business in Brazil, is negotiating a settlement with authorities there over alleged payments to state officials to win contracts with Pertobras, Brazil's state-run oil company. SBM said that while those discussions were ongoing and it is once again eligible to bid on tenders in its biggest market…

SBM Offshore, the Dutch marine oil production and loading vessels specialist, said on Wednesday its revenue this year could fall to as low as $2.2 billion, down from $3.5 billion in 2014. "The effects of the recent drop in oil prices are being felt across the offshore services industry in the form of lower order intake," said Chief Executive Bruno Chabas in reporting its results for last year. However he added that the company's strong lease and operate backlog meant the company…

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015. Philippe's appointment as a member of the Management Board is subject to approval at the Annual General Meeting of Shareholders to be held on April 15, 2015. Philippe joins the Company from Technip, where he most recently held the position of President and Chief Operating Officer. In his five years with the Company he also served as Executive Vice President and COO Onshore / Offshore and Senior Vice President Onshore-Offshore Product Lines and Technologies. Philippe has over 25 years of experience across the oilfield engineering and construction industry.

Dutch oil platform leasing company SBM Offshore is cutting 1,200 jobs, or slightly more than 11 percent of its global workforce, as part of a cost-saving programme. The company, which settled a bribery case with Dutch prosecutors for a record $200 million payment last month, said on Thursday half of the jobs involved contractors and the rest permanent staff. The cuts will be made in all five regions in which the company operates, a spokeswoman said. "Although we regret losing some of our colleagues, we believe these steps are necessary to deliver value to our stakeholders and drive profitable growth over time," chief executive Bruno Chabas said in a statement. SBM said the cuts were expected to save $40 million a year, relating to permanent employees.

In light of market conditions and in order to optimise the Company’s cost base, capacity requirements have been reviewed with the objective of creating a productive environment for performing teams and maintaining our core competencies and technological edge. Regretfully SBM Offshore is in the process of releasing approximately 600 contractor staff and an equal number of permanent staff, totalling approximately 1,200 positions worldwide, over the period 2014 and 2015. Workforce reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives, as appropriate. The restructuring is expected to generate annualized savings of approximately US$40 million relating to Company employees only.

SBM Offshore NV has settled a bribery case with Dutch prosecutors for $240 million, including a $40,000 fine, sending shares in the Dutch oil platform leasing firm up more than 20 percent on Wednesday. The settlement, which was in line with provisions already taken, ends a two-and-a-half year inquiry into improper payments to government officials in Angola, Brazil and Equatorial Guinea by sales agents between 2007 and 2011. The settlement means that SBM Offshore will not be prosecuted in the Netherlands, but the individuals involved could face charges in other countries.

SBM Offshore today reached an out-of-court settlement ex Article 74 of the Dutch Criminal Code with the Dutch Public Prosecutor's Office (Openbaar Ministerie) over the inquiry into alleged improper payments. Furthermore, the United States Department of Justice has informed SBM Offshore that it is not prosecuting the Company and has closed its inquiry into the matter. The settlement with the Openbaar Ministerie and the United States Department of Justice's decision relate to payments to sales agents in Equatorial Guinea, Angola and Brazil in the period from 2007 through 2011. Bruno Chabas, CEO of SBM Offshore commented, "SBM welcomes the conclusion of all discussions with the Dutch and U.S. authorities.

There has been a significant increase in shipyard construction in Brazil in yards large and small alike. Maritime Reporter’s Contributing Editor in Brazil visited Brasa Shipyard in Rio de Janeiro and spoke to Philippe Levy, Country Manager for SBM Offshore, who is one of the yard directors. Brasa Shipyard is building FPSO deck modules for integration onto FPSO hulls. “Brasa shipyard was created by Synergy and SBM in order to simplify FPSO module integration for FPSOs leased to Petrobras for pre-salt oil production,” said Philippe Levy, Country Manager for SBM. Since Brasa shipyard is located in the city of Niterói, across Guanabara Bay from the city of Rio de Janeiro, SNV managed to resolve three major bottlenecks at the same location.

SBM Offshore is pleased to announce it has signed a Production Handling Agreement (PHA) with Noble Energy to produce the Big Bend and Dantzler fields to the Thunder Hawk DeepDraft (TM) Semi located in 6,060 feet of water in the Gulf of Mexico (GoM). Production fees associated with produced volumes are estimated to lead up to projected revenue of US$400 million to be delivered over the ten year primary contract period. First oil from Big Bend and Dantzler are expected in late 2015 and first quarter 2016 respectively. At these levels both fields will utilize a maximum of 85% of total daily asset capacity, and brownfield construction to upgrade the facility will be handled by Noble Energy.

Keppel Shipyard Ltd. (Keppel Shipyard) has secured Floating Production Storage and Offloading (FPSO) upgrading projects from its long-term partners SBM Offshore N.V. (SBM Offshore) and Bumi Armada Berhad (Bumi Armada). The combined contract value of the two projects is S170 million. The first project is from SBM Offshore to refurbish and upgrade an existing FPSO vessel, FPSO Xikomba. Work on this FPSO unit is expected to be completed by the third quarter of 2013. Leased by Eni Angola S.p.A (eni) for 12 years for the development of Block 15/06, offshore Angola, FPSO Xikomba is jointly owned by SBM Offshore and Sociedade Nacional de Combustíveis de Angola, E.P. (Sonangol), Angola's national oil and gas company.

Keppel Shipyard Ltd  has secured Floating Production Storage and Offloading (FPSO) upgrading projects from its long-term partners SBM Offshore N.V. (SBM Offshore) and Bumi Armada Berhad (Bumi Armada). The combined contract value of the two projects is S$170 million. The first project is from SBM Offshore to refurbish and upgrade an existing FPSO vessel, FPSO Xikomba. Work on this FPSO unit is expected to be completed by 3Q 2013. Leased by Eni Angola S.p.A (eni) for 12 years for the development of Block 15/06, offshore Angola, FPSO Xikomba is jointly owned by SBM Offshore and Sociedade Nacional de Combustíveis de Angola, E.P. (Sonangol), Angola's national oil and gas company.

“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.