Investors

Financial Results

2023

Full Year 2023 Earnings

  • Record-level Directional[i] Revenue of US$4.5 billion (+38%), above guidance
  • Record-level Directional EBITDA of US$1.3 billion (+31%), in line with guidance
  • US$30.3 billion Directional backlog; US$9.3 billion or EUR46.6/share[ii] Directional net cash from L&O and BOT[iii] backlog[iv]
  • Evolving shareholder return policy: flexibility to pay committed annual cash return via dividend and share repurchase
  • 12% increase in annual cash return to shareholders of US$220 million
  • Cash return composed of US$150 million proposed dividend and EUR65 million (US$70 million equiv.[v]) share repurchase
  • 2024 Directional Revenue guidance of around US$3.5 billion
  • 2024 Directional EBITDA guidance of around US$1.2 billion
  • Successful sale of FPSO Liza Unity, Whiptail FEED award, 10-year OMEA for Guyana FPSO fleet, and FPSOs Prosperity & Sepetiba 1st oil
  • 70% FPSO CO2 emissions reduction potential from CO2 capture solution offered in partnership with MHI

Documentation

Third Quarter 2023 Trading Update

  • FEED contracts awarded by ExxonMobil Guyana for Whiptail development project in Guyana
  • FPSO Liza Unity purchase option exercised by ExxonMobil Guyana; sale to be completed in November 2023
  • 2023 Directional[i] EBITDA guidance increased from above US$1 billion to around US$1.3 billion
  • 2023 Directional revenue guidance increased from above US$2.9 billion to around US$4.4 billion
  • FPSO Prosperity, delivered on time in Guyana and preparing for first oil
  • Successful installation of 3 floaters for the Provence Grand Large offshore wind project

Documentation

Half Year Earnings 2023

  • Record-level US$32.2 billion pro-forma order book
  • Record-level US$9.5 billion pro-forma net cash flow from L&O and BOT[i] sales backlog[ii]
  • 2023 Directional[iii] revenue and EBITDA guidance maintained
  • 2 FPSOs on track for first oil by year-end
  • Over US$3.2 billion project financing secured

Documentation

First Quarter 2023 Trading Update

  • Year-to-date Directional revenue of US$742 million, in line with expectation
  • Full year 2023 revenue and EBITDA guidance on track
  • ~US$3 billion revenue backlog increase following 10-year Operations and Maintenance Enabling Agreement signed with ExxonMobil Guyana
  • 8th Fast4Ward® Multi-Purpose Floater (MPF) hull ordered
  • Cash dividend of US$1.10 per ordinary share approved, 10% year-on-year increase and representing c. 7% yield

Documentation

2022

Full Year 2022 Earnings

  • Record 2022 Directional[1] underlying EBITDA of US$1,010 million, in line with guidance
  • Record year-end Backlog of US$30.5 billion
  • 10% increase in dividend proposed to US$1.10 per share, 7% yield[2]
  • 2023 Directional revenue guidance of above US$2.9 billion
  • 2023 Directional EBITDA guidance of above US$1 billion
  • FPSO ONE GUYANA award, MoU for 7th MPF[3] hull with ExxonMobil Guyana
  • Defining 2030 intermediate greenhouse gas (GHG) related targets, creating pathway to net-zero by 2050

Documentation

Third Quarter 2022 Trading Update

  • Sustained financial performance in a complex macroeconomic environment
  • 2022 Directional [i] EBITDA guidance increased to around US$1 billion
  • 2022 Directional revenue guidance increased to above US$3.2 billion
  • Memorandum of Understanding signed for exclusivity of seventh MPF hull with ExxonMobil Guyana

Documentation

Half Year Earnings 2022

  • Sustained financial performance in a complex macroeconomic environment
  • 2022 Directional [i] EBITDA guidance increased to around US$1 billion
  • 2022 Directional revenue guidance increased to above US$3.2 billion
  • Memorandum of Understanding signed for exclusivity of seventh MPF hull with ExxonMobil Guyana

Documentation

First Quarter 2022 Trading Update

  • Year-to-date Directional revenue of US$970 million, in line with expectation
  • Full year 2022 Revenue and EBITDA guidance maintained
  • Cash dividend of US$1 per ordinary share paid, 13% year-on-year increase and representing c. 7% yield
  • FPSO Liza Unity delivered on time and on budget
  • FPSO ONE GUYANA award confirmed, to be added to the backlog

Documentation

2021

Full Year 2021 Earnings

  • Record order book providing cashflow visibility until 2050 of US$29.5 billion
  • Underlying 2021 Directional EBITDA of US$931 million, in line with guidance
  • US$343 million returned to shareholders in dividend and share buyback, representing c. 10% total yield
  • Proposed c. 13% increase in dividend per share to US$1 per share
  • Introduced Float4WindTM, our second-generation offshore wind floater
  • 2022 Directional revenue guidance of above US$3.1 billion; Directional EBITDA guidance of around US$900 million
  • SBM Offshore’s 2021 Annual Report can be found on its website under: https://2021.annualreport.sbmoffshore.com

Documentation

Third Quarter 2021 Trading Update

  • Strong performance despite ongoing COVID-19 challenges
  • Financial results in line with management expectations and the same period last year
  • 2021 Directional  [1]  EBITDA guidance maintained at around US$900 million
  • 2021 Directional revenue guidance revised from around US$2.6 billion to above US$2.3 billion mainly driven by a deferral in the expected timing of partner entry into an FPSO joint venture
  • Year to date US$4.1  [2]  billion project related financings arranged to fund record-breaking order book
  • Liza Unity, first Fast4Ward® FPSO, safely arrived in Guyana, 1 of 5 major projects under construction
  • [1] Directional view, presented in the Financial Statements under Operating segments and Directional reporting, represents a pro-forma accounting policy, which assumes all lease contracts are classified as operating leases and all vessel investees are proportionally consolidated. This explanatory note relates to all Directional reporting in this document.
  • [2] Financing closed at SPV levels with varying SBM Offshore equity ownership; 100% of the financing amount is disclosed.

Documentation

Half Year Earnings 2021

  • Financial results in line with management expectations
  • Record-level US$29.5 billion proforma backlog, up by c. US$8 billion
  • Launch of EUR150 million (c. US$180 million) share repurchase program
  • Scaling-up renewables: 200 MW floating offshore wind development
  • 2021 Directional[1] revenue guidance maintained at around US$2.6 billion
  • 2021 Directional EBITDA guidance maintained at around US$900 million

Documentation

First Quarter 2021 Trading Update

  • Year-to-date Underlying[1] Directional[2] revenue of US$536 million, in line with expectation
  • Full year 2021 Revenues and EBITDA guidance maintained
  • Awarded LOI for FPSO Almirante Tamandaré; fourth Fast4Ward® hull allocated to project
  • Pro-forma backlog and cashflow visibility extended until 2050
  • Cash dividend of US$165 million paid, representing 10% year-on-year increase

Documentation