SBM Offshore Continues To Be On Track
SBM Offshore has made good operational progress, with underlying financial results ahead of our expectations. The Company continues to be on track in resolving its legacy issues. Directional1 Backlog reached a record level of USD 22.4 billion including contracts for FPSOs Cidade de Maricá and Cidade de Saquarema for Petrobras, the Company’s largest orders to-date. Oil production commenced on FPSO Cidade de Paraty in Brazil, and a USD 600 million project loan was secured for FPSO N’Goma. Post-period, the Company announced it had been awarded the FPSO Stones by Shell for delivery to the Gulf of Mexico in 2016.
Bruno Chabas, CEO of SBM Offshore commented: “I am strongly encouraged by the headway we have made in the first half. We have secured several outstanding contract awards and are on a much stronger footing, having both remedied a significant legacy issue and strengthened our balance sheet. Our management team can now concentrate on running the business and progressing our strategic transformation. Our focus on FPSOs is at the heart of this and our prospects give me confidence in our performance for the full year.”