FPSO Turritella Purchase Option Exercised by Shell
July 11 2017 - 12:21PM
July 11, 2017
SBM Offshore announces that Shell E and P
Offshore Services B.V. (Shell) has notified the Company of the fact
that Shell is exercising its right under the charter agreement to
purchase the FPSO Turritella. The purchase allows a Shell affiliate
to assume operatorship of the Stones development in its entirety,
creating additional efficiencies through integration of sub-sea to
surface operations and allowing leverage of its optimized Gulf of
Mexico organization and infrastructure. The transaction is expected
to close in early 2018, which provides for a transition window to
ensure a safe and controlled handover of operations.
The company selling the asset is a joint-venture
(JV) owned by SBM Offshore with 55% interest, Mitsubishi
Corporation with 30% interest and Nippon Yusen Kabushiki Kaisha
(NYK Line) with 15% interest. The transaction comprises a total
cash consideration to the JV of c. US$ 1 billion. The net
divestment proceeds, after taking into account the unwinding of the
JV ownership and partner commitments, will primarily be used for
project finance redemption and as such will decrease SBM Offshore's
proportional net debt position.
The award winning FPSO Turritella has been on
hire since September 2, 2016 and forms an early phase in Shell's
Stones development in the Gulf of Mexico. The Stones development is
located in 2,896 meters (9,500 feet) of water approximately 320
kilometers (200 miles) offshore Louisiana in the Walker Ridge area.
FPSO Turritella is the deepest FPSO development in the world and
has a turret with a disconnectable buoy allowing it to weathervane
in normal conditions and disconnect from the FPSO upon the approach
of a hurricane.
Shell and SBM Offshore will continue to build on
their track record of almost 60 years of cooperation in the oil and
gas industry.
Corporate Profile
SBM Offshore N.V. is a listed holding company
that is headquartered in Amsterdam. It holds direct and indirect
interests in other companies that collectively with SBM Offshore
N.V. form the SBM Offshore group ("the Company").
SBM Offshore provides floating production
solutions to the offshore energy industry, over the full product
life-cycle. The Company is market leading in leased floating
production systems with multiple units currently in operation and
has unrivalled operational experience in this field. The Company's
main activities are the design, supply, installation, operation and
the life extension of Floating Production, Storage and Offloading
(FPSO) vessels. These are either owned and operated by SBM Offshore
and leased to its clients or supplied on a turnkey sale basis.
As of December 31, 2016, Group companies employ
approximately 4,750 people worldwide. Full time company employees
totaling c. 4,250 are spread over five regional centers, ten
operational shore bases and the offshore fleet of vessels. A
further 500 are working for the joint ventures with several
construction yards. For further information, please visit our
website at www.sbmoffshore.com.
The companies in which SBM Offshore N.V.
directly and indirectly owns investments are separate entities. In
this communication "SBM Offshore" is sometimes used for convenience
where references are made to SBM Offshore N.V. and its subsidiaries
in general, or where no useful purpose is served by identifying the
particular company or companies.
The Management Board
Amsterdam, the Netherlands, July 11, 2017
Financial Calendar |
Date |
Year |
Half-Year 2017 Earnings - Press Release |
August 9 |
2017 |
Trading Update 3Q 2017 - Press Release |
November 8 |
2017 |
Full-Year 2017 Earnings - Press Release |
February 8 |
2018 |
Annual General Meeting of Shareholders |
April 11 |
2018 |
Trading Update 1Q 2018 - Press Release |
May 10 |
2018 |
Half-Year 2018 Earnings - Press Release |
August 9 |
2018 |
Trading Update 3Q 2018 - Press Release |
November 15 |
2018 |
Note: dates in bold have changed as
communicated in SBM Offshore's press release dated 10 July 2017
Investor Relations
Bert-Jaap Dijkstra
Investor Relations Director
Mobile
NL:
+31 (0) 6 2114 1017
Mobile
MC: +33
(0) 6 4391 9302
Telephone:
+377 9205 1732
E-mail: bertjaap.dijkstra@sbmoffshore.com
Website: www.sbmoffshore.com
Media Relations
Vincent Kempkes
Group Communications Director
Telephone:
+31 (0) 20 2363 170
Mobile: +31
(0) 6 25 68 71 67
E-mail: vincent.kempkes@sbmoffshore.com
Website: www.sbmoffshore.com
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. Some of the statements contained in this release that
are not historical facts are statements of future
expectations and other forward-looking statements based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance, or events to differ materially from those in such
statements. Such forward-looking statements are subject to various
risks and uncertainties, which may cause actual results and
performance of the Company's business to differ materially and
adversely from the forward-looking statements. Certain such
forward-looking statements can be identified by the use of forward-
looking terminology such as "believes", "may", "will", "should",
"would be", "expects" or "anticipates" or similar expressions, or
the negative thereof, or other variations thereof, or comparable
terminology, or by discussions of strategy, plans, or intentions.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in this release as
anticipated, believed, or expected. SBM Offshore NV does not
intend, and does not assume any obligation, to update any industry
information or forward-looking statements set forth in this release
to reflect subsequent events or circumstances. Nothing in this
press release shall be deemed an offer to sell, or a solicitation
of an offer to buy, any securities.
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