August 9, 2017
Solid Results, Major New Order Won, Investing in Industry
Leading Competitiveness
SBM Offshore is pleased to report revenues and
EBITDA in line with management expectations. Lease and Operate
delivered solid performance after successfully integrating three
new large Floating Production, Storage and Offloading vessels
(FPSOs) into the fleet. Turnkey performed well in the final phase
of delivering projects to our clients. The Company was awarded the
FPSO Liza contract by ExxonMobil, the industry's only major FPSO
contract award of the past 18 months. SBM Offshore committed to its
standardization program Fast4WardTM by signing a new-build hull
contract with China Shipbuilding Trading Company, Ltd. ("CSTC") and
the shipyard of Shanghai Waigaoqiao Shipbuilding and Offshore Co.,
Ltd. ("SWS"). Post-period, the purchase option on FPSO Turritella
was exercised by Shell and Heads of Terms for settlement were
agreed with a majority group of primary layer insurers on SBM
Offshore's Yme insurance claim.
Break-even prices of deep water projects have
substantially improved as result of cost deflation, more
fit-for-purpose scope and leaner concept designs. In particular,
deep water projects in areas with world class reservoirs have
gained competitiveness against other oil and gas investment
options. SBM Offshore is well positioned to benefit from this
development. Whilst final investment decisions are on the increase,
clients remain cautious and selective. As a result, the offshore
services industry is gradually recovering but with a structurally
lower activity level when compared to the market over the past
decade.
Bruno Chabas, CEO of SBM Offshore,
commented:
"SBM Offshore produced solid results for the
first half of 2017, not only driven by the Lease and Operate
segment, but also by sound performance in closing out Turnkey
projects. With the three additional FPSOs ramping up, our fleet
produced repeatedly more than 1 million barrels per day, which
represents more than 10% of global deep water oil production. In
today's oil price environment, characterized by continued low
prices, deep water field developments need to build on the
competitiveness gained.
In an industry that more than ever needs
performance, SBM Offshore brings competitive edge with its track
record of reliable delivery and increased productivity through
product standardization and faster times to market. Having
delivered 34 FPSOs plus 300 years cumulative experience in
operating its lease fleet, SBM Offshore is capitalizing on this
experience through its Fast4WardTM program. The program's result is
an optimized design with standard specifications which leads to
lower cost, higher quality and productivity on a de-risked plan
with reduced safety exposure. Fast4WardTM accelerates first oil by
up to 12 months. SBM Offshore has now ordered its first standard
new-build, multi-purpose hull. As our teams continue to demonstrate
today, SBM Offshore is leveraging its experience in order to gain
competitiveness and bring value to our clients by helping to lower
break-even prices even further."
Highlights
- Underlying1 Directional2 EBITDA increased by US$82 million, or
23%, to US$431 million, compared to the same period last year
- Underlying Directional EPS of US$0.39 per share, which
represents an increase of 26% compared to first half of 2016
- Directional revenue of US$835 million, a decrease of 11%
compared to same period last year
- Directional net debt at the end of June of US$3.0 billion,
compared to US$3.1 billion at year-end 2016
- Confirmed award of FPSO Liza contracts by ExxonMobil, covering
a lease period of 10 years; keeping backlog stable
- Sale of FPSO Turritella with expected closing date in early
2018
- Settlement of Yme insurance claim agreed with majority group of
primary layer insurers
- First new-build, multi-purpose FPSO hull under SBM Offshore's
Fast4WardTM program on order
- Expanded Directional reporting with introduction of Directional
balance sheet and cash flow statement
- 2017 guidance for Directional revenue reiterated at "around
US$1.7 billion" and for Underlying Directional EBITDA updated to
"above US$750 million"
1 Underlying results adjusted for exceptional items which
included compliance related items in 1H16 (more explanation below
the table on this page). This explanatory note relates to any
reference made to Underlying in this document.2 Directional view is
a non-IFRS disclosure, which assumes all lease contracts are
classified as operating leases and all joint ventures are
proportionally consolidated, except joint ventures owning
construction yard and installation vessels, which remain equity
accounted. This explanatory note relates to any reference made to
Directional in this document.
Overview
Underlying EBITDA 1H16 excludes US$22 million compliance
provision, Underlying Profit additionally excludes US$6 million for
1H16 and US$11 million for 1H17 relating to the increase of
the net present value of the future payments (instalments and bonus
reductions) related to compliance provision.
Directional revenue decreased by 11% to US$835
million, due to lower activity in Turnkey caused by a reduction in
order intake as a result of continued difficult market conditions,
offset by a 24% increase in revenues in Lease and Operate driven by
the three FPSOs Cidade de Maricá, Cidade de Saquarema and
Turritella added to the fleet during 2016 which have now
contributed in full during the first half year.
Underlying Directional EBITDA increased by 23%
to US$431 million, which was driven by a 31% or US$114 million
increase in Lease and Operate to US$482 million, partially offset
by a US$29 million decrease in Turnkey. The Turnkey contribution
was limited to a negative EBITDA of US$23 million, mainly due to
sound performance in project close out, releasing project
contingencies. The underlying factor contributing to this negative
EBITDA is the Company's stated strategy of investing in retaining
necessary capacity and protecting its experience and know-how for
the future.
Period Review
FPSO Liza
At the end of last year, SBM Offshore commenced
the Front-End Engineering and Design (FEED) and early Engineering,
Procurement and Construction (EPC) work scope for the FPSO Liza.
After the announcement of June 22, 2017 of the award of the FPSO
Liza contracts, the Company has started the EPC phase. This work is
progressing well in close cooperation with the client team,
benefiting from seamless project phasing, connecting early design
to EPC scope of this fast-track project.
Turrets & Mooring Systems
SBM Offshore's major turret projects Prelude and
Ichtys have entered the offshore commissioning phase, and continue
to progress in accordance with clients' schedules and contractual
planning.
Fast4WardTM
SBM Offshore has reached an important milestone
in its Fast4WardTM program. This program can make our clients' deep
water project returns more attractive in today's oil price
environment. Oil developments are increasingly in deeper water with
harsher conditions, requiring heavier installations on deck,
despite space and weight constraints. Deep water projects are
required to be more efficient and reliable, faster, safer with
lower project break-even prices. Fast4WardTM addresses these
industry challenges through optimized design and standard
specifications. The program capitalizes on what SBM Offshore has
learned from its 118 Turnkey product deliveries, including 34
increasingly complex deep water FPSOs, as well as from its long
history of operating one of the world's largest FPSO fleets.
Fast4WardTM brings client benefits on two
levels. First, the standardization of installations releases all
the benefits to be had from a topsides catalogue. This topsides
catalogue is now available to be used on existing tenders,
including VLCC (Very Large Crude Carrier) conversions and
increasingly incorporates processes that have traditionally been
considered too difficult to standardize. Second, the program allows
for the use of a standard, multi-purpose, new-build hull. Using
such a hull, Fast4WardTM can accelerate delivery of an FPSO by up
to 12 months. For a typical project, this can boost value for a
client by more than US$0.5 billion, materially lowering project
break-even prices. Through standardization and repetition SBM
Offshore can now offer greater safety, more cost efficiency and
productivity, more reliability and more assured delivery
deadlines.
In June 2017, the contract for the first
new-build, multi-purpose hull was signed with CSTC and SWS, a
global leader in ship building, and so now the EPC phase of the
Fast4WardTM hull has started. Capital commitments are phased over
time, with planned yard expenditure of c. US$20 million in 2017 and
c. US$55 million in 2018, subject to delivery of agreed milestones.
SBM Offshore believes that Fast4WardTM is the answer to today's
industry challenges and has identified appropriate deep water
development opportunities that it is targeting for the deployment
of the hull and the associated topsides catalogue for the benefit
of clients.
Operational Update
The Lease and Operate fleet uptime performance
year-to-date was 98.1%. This operational uptime shows a significant
improvement compared to uptime of 96.8% for the year 2016.
Regarding the Company's year-to-date safety
performance, Reported Total Recordable Injury Frequency Rate
(TRIFR) was 0.24, a marked improvement compared to last year. SBM
Offshore continues to invest in its HSSE culture and processes to
support its ambition for an industry leading performance.
Post-period events
FPSO Turritella
The FPSO Turritella sale announced on July 11,
2017, represents a post-period, non-adjusting event. As such, the
mid-year financials are not impacted by this transaction. The
precise financial impacts are dependent on the timing of the
transaction which has yet to be finally determined but is currently
expected in early 2018. The income statement will reflect: i) the
difference between the proceeds from disposal and the carrying
amount of the asset (being the net book value of Property, Plant
and Equipment under Directional and the net investment in the lease
reported as a Finance Lease Receivable under IFRS); ii) costs
related to the transaction, including settlement arrangements with
joint venture partners; and iii) the impact of the unwinding of the
interest rate swap and amortization of the upfront transaction
costs related to the project loan to be repaid.
For the purposes of guidance, assuming a closing
date in early 2018, the total impact of the above on the Company's
net result is expected to be a gain of c. US$120 million under
Directional reporting. Under IFRS, as profits are front-end loaded
from the inception of a finance lease ahead of the cash flow, the
transaction is expected to result in a loss of c. US$130 million.
These results reflect for the most part partner settlement
arrangements, but also include the effects of the unwinding of
hedging instruments and unamortized transaction costs. Under IFRS,
there is also an impact from the fact that the amount to be
received from the client, on exercising the option to purchase, is
4% less than the remaining net investment in the lease. The
aggregate of previously booked profits related to the Turritella
project combined with the impact from the transaction will be
identical under both Directional and Group Result IFRS, with profit
recognition to date having been accelerated under IFRS. At the
transaction date, SBM Offshore expects to receive c. US$540 million
cash, which will be used for unwinding of partner commitments,
hedging instruments and repayment of the project loan. The
transaction is expected to decrease Directional net debt by c.
US$450 million.
Yme insurance claim
The Heads of Terms for a settlement agreement
with a majority group of primary layer insurers relating to SBM
Offshore's Yme insurance claim is also a post-period, non-adjusting
event. From this settlement, SBM Offshore expects to receive net
cash proceeds exceeding US$100 million. The final agreement remains
subject to contract. SBM Offshore continues to pursue its claim
against all remaining insurers, the trial of which is scheduled to
commence October 2018.
FPSO Marlim Sul which was decommissioned in
April 2016, was sold and transferred off balance sheet in July 2017
for recycling, in-line with SBM Offshore policies and in accordance
with the Hong Kong convention.
Directional Backlog
For this period, SBM Offshore provides a
pro-forma Directional backlog overview, which provides a normalized
outlook on existing leases.
Normally, the backlog would not yet take the
sale of FPSO Turritella into account, pending signature of the
sales contract, or the agreed FPSO Liza operating and maintenance
scope, which is pending a final work order. However, for the
purposes of the pro-forma backlog represented in the table below,
both have been taken into account.
The pro-forma Directional backlog remains nearly
constant at US$17.0 billion compared to year-end 2016, despite the
turnover booked of US$835 million during the first half of 2017.
Order intake for the first half year includes the FPSO Liza award
and the 5-year operating and maintenance contract on FPSO
Serpentina. This increase is partially offset by the decrease in
backlog resulting from the sale of FPSO Turritella, effective early
2018.
Pro-forma Backlog
June 2017 |
|
|
|
|
|
|
(in billion US$) |
|
Turnkey |
|
Lease & Operate |
|
Total |
|
|
|
|
|
|
|
2H 2017 |
|
0.1 |
|
0.7 |
|
0.8 |
2018 |
|
- |
|
1.4 |
|
1.4 |
2019 |
|
- |
|
1.4 |
|
1.4 |
Beyond 2019 |
|
- |
|
13.4 |
|
13.4 |
|
|
|
|
|
|
|
Total
Backlog |
|
0.1 |
|
16.9 |
|
17.0 |
|
|
|
|
|
|
|
Directional results
Since 2013, SBM Offshore has been disclosing its
Directional income statement in order to provide more transparency
on underlying business performance and cash flow generation. The
Company is extending this disclosure to include a Directional
balance sheet and cash flow statement in the presentation
accompanying the mid-year 2017 results announcement. Going forward,
with effect from full-year 2017 reporting, SBM Offshore will
incorporate the Directional balance sheet and cash flow statement
in the Consolidated Financial Statements.
Directional reporting remains tied to IFRS
reporting, but in two defined instances chooses alternative, but
IFRS defined, accounting treatments, consistently applied. First,
on consolidation, where IFRS provides for equity and full
consolidation for joint-ventures owning lease and operate
contracts, Directional makes use of the proportionate accounting
method. This does not affect equity accounted joint-ventures owning
yards and installation vessels, which remain equity accounted under
Directional. Second, in deciding which lease treatment to use,
Directional accounting treats all leases as operating leases. These
changes are designed to bring Directional accounting more in line
with the cash that has actually been generated, but yet keep
Directional reporting anchored to well-defined IFRS principles.
This approach also facilitates straightforward reconciliation of
Directional reporting to IFRS and Directional reporting being fully
auditable by the Company's external auditors.
Funding and Directional net debt
At the end of June 2017, SBM Offshore had
Directional cash and undrawn committed credit facilities totaling
US$1,752 million compared to US$1,823 million at year-end 2016.
Strong Directional cash flow from operations driven by Lease &
Operate was used to decrease payables, mainly related to Turnkey,
purchase a vessel to support bidding activity, pay interest, redeem
project debt, pay the dividend over 2016. Directional net debt
decreased from US$3.1 billion at year-end 2016 to US$3.0 billion at
the end of June 2017.
Compliance
Discussions with the Brazilian authorities and
Petrobras regarding the Leniency Agreement signed on July 16, 2016
that was subsequently sent back to the Public Prosecutor by the
Brazilian Fifth Chamber for Coordination and Review and
Anti-corruption for adjustments, are ongoing. Any adjusted Leniency
Agreement signed with the Public Prosecutor's Office ("MPF") will
again be subject to approval by the Fifth Chamber whereas an
adjusted Leniency Agreement signed with the Brazilian Ministry of
Transparency, Oversight and Control ("MTFC"), would remain subject
to review by the Federal Court of Accounts Tribunal de Contas da
União, ("TCU").
In the United States, discussions with the
Department of Justice ("DOJ") are advancing. These regard the
investigation the DOJ had closed in November 2014 and reopened
early in 2016 and its inquiry into Unaoil, a company that SBM
Offshore had engaged as an agent prior to 2012 in relation to
delivery of barges, offshore terminals and maintenance.
Pending the discussions with the Brazilian
authorities and the DOJ, the Company cannot provide further clarity
or assurance on the outcomes of these discussions, or on the timing
thereof.
Outlook and Guidance
As expected, the industry is witnessing a
gradual recovery. Although significant decreases in project
break-even prices are making deep water more competitive, our
clients remain cash constrained and selective in making investment
decisions. Medium to long term, the Company believes that deep
water offshore will regain a solid position in the future energy
supply.
The Company is reiterating 2017 Directional
revenue guidance of around US$1.7 billion, with around US$1.5
billion from Lease and Operate and around US$200 million from
Turnkey.
Full-year 2017 Directional Underlying EBITDA
guidance is updated from "around US$750 million" to "above US$750
million". This does not include the non-recurring positive effect
from the agreed Heads of Terms relating to SBM Offshore's Yme
insurance case, nor does it include any effects from the completion
of the Turritella transaction planned for early 2018.
FINANCIAL REVIEW
|
Directional (Unaudited) |
IFRS (Unaudited) |
in
US$ million |
1H
2016 |
1H
2017 |
1H
2016 |
1H
2017 |
Revenue |
939 |
835 |
1,066 |
862 |
Lease
and Operate |
600 |
745 |
562 |
767 |
Turnkey |
338 |
90 |
504 |
95 |
EBIT |
124 |
193 |
213 |
349 |
Lease
and Operate |
170 |
250 |
207 |
379 |
Turnkey |
2 |
(28) |
54 |
(1) |
Other |
(48) |
(29) |
(48) |
(29) |
EBITDA |
327 |
431 |
322 |
453 |
Lease
and Operate |
368 |
482 |
311 |
477 |
Turnkey |
6 |
(23) |
59 |
4 |
Other |
(47) |
(29) |
(47) |
(29) |
Profit attributable to Shareholders |
38 |
68 |
117 |
92 |
Directional Performance
Directional revenue decreased by 11% to US$835 million compared
to US$939 million in the year ago period reflecting the
finalization of major turnkey projects in 2016 and lack of
significant order intake over the prior periods. This was not fully
offset by increased revenue from the start-up of the completed
vessels in the lease and operate segment. Directional revenue by
segment was as follows:
- Directional Lease and Operate revenue increased by 24% to
US$745 million, representing 89% of total Directional revenue over
the first half year of 2017, up from the 64% contribution in the
year-ago period. The increase in segment revenue is attributable to
the start-up of FPSOs Cidade de Maricá in February 2016 and Cidade
de Saquarema and Turritella during the second half of 2016, while
no vessel has been decommissioned since the year-ago
period.
- Third-party Directional Turnkey revenue came down 73%
year-on-year to US$90 million, representing only 11% of total first
half 2017 revenue. This compares to US$338 million or 36% of total
revenue, in the year- ago period. The decrease is mostly
attributable to the completion stage reached in the course of 2016
on the FPSOs Cidade de Maricá, Cidade de Saquarema and Turritella,
the decrease of offshore services activities as well as the low
order intake in 2014, 2015 and 2016 as a result of the market
downturn.
Directional Earnings Before Interest, Taxes
Depreciation and Amortization (EBITDA) for the first half year of
2017 was US$431 million, an increase of 32% compared to the EBITDA
of US$327 million in the year-ago period. This variance was
primarily thanks to:
- An increase in Directional Lease and Operate EBITDA from US$368
million in the year-ago period to US$482 million in the first half
year of 2017 driven by the full half-year contribution of the three
FPSOs that came into production during 2016. First half year 2017
Directional Lease & Operate EBITDA margin came in at 65%
compared to 61% during the first half year of 2016, also reflecting
the positive contribution of the three FPSOs joining the
fleet.
- Directional Turnkey EBITDA decreased by US$29 million due to
the decline of Turnkey activity year-on- year, mitigated by
positive close outs on projects finalization, under-recovery
monitoring, significant saving on Turnkey overheads and the one-off
nature of restructuring costs in 2016. Directional Turnkey gross
margin expressed as percentage of Turnkey revenue came in at 28%,
almost stable compared to 29% in the previous period.
- A reduction of US$18 million in other non-allocated costs
charged to EBITDA driven principally by the update of the provision
for contemplated settlement with Brazilian authorities and
Petrobras booked on the first half of 2016 for US$22 million.
For the first half-year of 2017, Directional
EBIT increased to US$193 million, compared to US$124 million in
2016. EBIT variations per segment are the same as for the EBITDA,
the increase of Lease and Operate EBITDA (US$114 million) being
however partially offset by an increase of depreciation charges
(US$35 million) related to the three new FPSOs that came into
production in 2016.
Directional net financing costs totalled US$112
million in the first half of 2017, up from US$86 million in the
year-ago period. The increase was primarily due to the full
half-year impact of interest costs related to the project financing
of the three vessels that came into operation during 2016.
The effective tax rate is stable year-on-year
with an effective tax rate of 6.5% over the first half year of
2017, compared to 7% in the year-ago period.
The Company recorded a Directional consolidated
net income of US$68 million, or US$0.33 per share, for the first
half year of 2017, up from US$38 million, or US$0.18 per share, in
the year-ago period.
IFRS Performance
Reported first half-year 2017 IFRS revenue
decreased by 19% to US$862 million versus US$1,066 million in the
first half year of 2016. The decrease is driven by the slowdown of
Turnkey construction and offshore services activities despite a 36%
year-on-year increase of revenue in the Lease and Operate
segment.
IFRS EBITDA amounted to US$453 million,
representing a 40% increase driven by the Lease and Operate segment
compared to US$322 million in the year-ago period.
IFRS EBIT increased to US$349 million,
representing a 64% increase compared to US$213 million in 2016.
IFRS net income attributable to shareholders for
the first half year of 2017 came in at US$92 million compared to
US$117 million for the year-ago period.
IFRS Statement of Financial Position
Total assets under IFRS decreased by US$0.3
billion to US$11.2 billion as of June 30, 2017 compared to US$11.5
billion at year-end 2016. This decrease reflects the regular
periodic unwinding of finance lease receivables, regular
depreciation on fixed assets and a lower cash position.
IFRS Shareholder's equity increased from
US$2,516 million at year end 2016 to US$2,641 million at June 30,
2017 mostly thanks to the positive net result over the first
half-year of 2017 and a significant increase in the fair value of
forward currency contracts as a result of the currency appreciation
of hedged currencies against the US$, partially offset by the
dividend paid over 2016.
IFRS net debt decreased by US$191 million to
US$5,025 million at June 30, 2017, coming down from US$5,216
million at year end 2016. The decrease in net debt is as a result
of strong operating cash-flow generation, partially offset by
increased net financing cost and payment of the 2016 cash dividend.
Cash and cash equivalent balances came in at US$824 million at June
30, 2017 compared to US$904 million at December 31, 2016 while
total loans and borrowings came down from US$6,120 million at year
end 2016 to US$5,849 million.
IFRS cash from operating activities for the
period was positive US$396 million compared to US$166 million
during the first half of 2016. This primary reflects the cash
generated by the three new FPSOs that came into production in
2016.
The relevant banking covenants (Solvency, Net
Debt/Adjusted EBITDA, Interest Cover) were all met at June 30,
2017. As in previous years, the Company has no off-balance sheet
financing.
Further financial information is provided in the
Condensed Consolidated Interim Financial Statements.
Analyst Presentation & Conference Call
SBM Offshore has scheduled a conference call and
webcast of its presentation to the financial community followed by
a Q&A session at 10.00 Central European Time on Wednesday,
August 9, 2017.
The presentation will be hosted by Bruno Chabas
(CEO), Philippe Barril (COO), Erik Lagendijk (CGCO) and Douglas
Wood (CFO). Interested parties are invited to listen to the call by
dialing +31 20 531 5851 in the Netherlands, +44 203 365 3210 in the
UK or +1 (866) 349 6093 in the US. Interested parties may
also listen to the presentation via webcast through a link posted
on the Investor Relations section of the Company's website.
The live webcast and replay, which should be available shortly
after the call, will be available at:
https://ssl.webinar.nl/webcast/sbmoffshoreinvestors/20170809_1
Financial Calendar |
Date |
Year |
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
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 BoardAmsterdam, the Netherlands,
August 9, 2017
For further information, please contact:
Investor RelationsBert-Jaap DijkstraInvestor
Relations Director
Mobile
NL: Mobile MC: |
+31
(0) 6 2114 1017+33 (0) 6 4391 9302 |
Telephone: |
+377
9205 1732 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent KempkesGroup 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. This press release contains regulated information
within the meaning of the Dutch Financial Markets Supervision Act
(Wet op het financieel toezicht). 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.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/6d395ca5-a52c-4838-94fc-3e1b1969da22
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