Highlights

2024 Directional[1] EBITDA guidance increased from around US$1.2 billion to around US$1.3 billion
2024 Directional revenue guidance increased from around US$3.5 billion to above US$3.8 billion
US$3.4 billion net increase of pro-forma Directional backlog to record-level US$33.7 billion
EUR65 million (US$71 million equiv.[2]) additional share repurchase
Existing share repurchase program of EUR65 million on track, c. 58% completed[3]
Award of 20-year lease & operate contract for an FSO to support the Trion field development in Mexico
Rationalization of business in Angola to focus on Lease and Operate
Ninth Fast4Ward® Multi-Purpose Floater (“MPF”) hull ordered
The Half Year 2024 Earnings and Interim Financial Statements are published on the Company’s website here.

Øivind Tangen, CEO of SBM Offshore, commented:

“Our great teams continue to deliver strong performance and we ended the period with a record backlog of US$33.7 billion. As a result, we are increasing our Directional EBITDA guidance to around US$1.3 billion from around US$1.2 billion and will launch today an additional EUR65 million share repurchase.

We saw very good progress in the construction portfolio, bringing our three most mature projects to a very high level of completion. The first of these, FPSO Almirante Tamandaré, left the quayside as per schedule on August 1, and will benefit from our Fast4Ward® program learnings as it transitions from construction to operations. The next generation of projects like FPSO Jaguar are already seeing the benefits from inception of a full cycle of learnings.

The market outlook for cost and carbon efficient FPSOs remains positive. Our eighth Fast4Ward® hull has been reserved by TotalEnergies for the Block 58 development in Suriname. In line with our strategy to have one hull built in anticipation, we have proceeded to order the ninth hull to support our market positioning. Together with further hull options, this will allow us to de-risk future project schedules in a tight supply chain market.

With our unique value proposition, we expect to see more awards based on the “sale & operate” model like FPSO Jaguar, with an accelerated cash flow profile versus the historical “lease & operate” model.

Further, we are pleased to announce today the signing of a 20-year lease & operate contract with Woodside for an FSO to support the Trion field development in Mexico, marking an entry into a promising new region.

Excellence in performance is created through standardization and focus. Combined with the success in standardized FPSOs, we have taken steps to rationalize our business to focus on Lease and Operate in Angola: in June we completed the acquisition of our partners’ shares in the lease and operating entities of a number FPSOs (N’Goma, Saxi Batuque and Mondo) and sold our shares in the Paenal shipyard.

Finally, we are applying our expertise in floating solutions to position the Company for the long term in a number of alternative energy markets: in July, our pure-play Floating Offshore Wind (“FOW”) joint venture with Technip Energies, Ekwil, was established. Later in the month, we signed a Memorandum of Understanding (“MoU”) with Ocean-Power to jointly develop a low-emission offshore floating power generation concept using carbon capture, injection and storage.”

Financial Overview[4] Directional. IFRS

see & read more on
https://www.sbmoffshore.com/newsroom/press-releases/2024/08-08-2024/sbm-offshore-half-year-2024-earnings

see more on
https://www.sbmoffshore.com/newsroom/press-releases/2024/08-08-2024/sbm-offshore-awarded-fso-contract-woodsides-trion

and

https://www.sbmoffshore.com/newsroom/press-releases/2024/08-08-2024/sbm-offshore-doubles-its-share-repurchase-program