SBM Offshore NV

SBMO

Equity

ISIN NL0000360618 / Valor 2509888

Euronext - Euronext Amsterdam (2024-12-23)

EUR 16.71-0.54%

SBM Offshore NV
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About company

SBM Offshore NV is a key player in the offshore energy sector, specializing in the design, supply, installation, operation, and maintenance of Floating Production, Storage and Offloading (FPSO) vessels. These vessels are critical for the extraction and processing of hydrocarbons in offshore environments, particularly in locations that are remote and challenging to access. The company's expertise in FPSO systems positions it as a preferred partner for global energy providers, leveraging its advanced technology and extensive operational experience to meet the complex demands of the offshore energy industry. SBM Offshore NV's focus on FPSOs underscores its pivotal role in supporting the energy sector's infrastructure, especially in facilitating the efficient and effective extraction of resources from beneath the ocean floor.

Summarized from source with an LLMView SourceSector: Energy

Record-Level Revenue

SBM Offshore NV reported record-level directional revenue of US$4.5 billion for the full year 2023, marking a 38% increase compared to the previous year. This significant growth was primarily driven by the Turnkey segment, which saw a 69% increase in revenue to US$2.6 billion, largely due to the sale of FPSO Liza Unity and the start of FEED work for FPSO Jaguar.

Directional EBITDA Growth

For the full year 2023, SBM Offshore NV achieved a directional EBITDA of US$1.3 billion, representing a 31% increase from the previous year. This growth was mainly attributed to the Turnkey segment, which saw its EBITDA rise from US$7 million in 2022 to US$296 million in 2023, driven by the sale of FPSO Liza Unity and other project milestones.

Increased Net Profit

SBM Offshore NV's directional net profit for the full year 2023 surged to US$524 million, or US$2.92 per share, compared to US$115 million in the previous year. The substantial increase in net profit was primarily due to the higher directional EBITDA achieved during the year.

Shareholder Returns

SBM Offshore NV announced a 12% increase in annual cash return to shareholders, amounting to US$220 million. This return is composed of a proposed dividend of US$150 million and a share repurchase program equivalent to EUR65 million (US$70 million). The company also introduced a flexible shareholder return policy, allowing for a combination of dividends and share repurchases.

2024 Financial Guidance

Looking ahead, SBM Offshore NV provided its financial guidance for 2024, projecting directional revenue of around US$3.5 billion and directional EBITDA of approximately US$1.2 billion. The company remains optimistic about its market outlook, driven by the economics and low emission qualities of deepwater resources.

Summarized from source with an LLMView Source

Key figures

35.1%1Y

31.0%3Y

1.67%5Y

Performance

25.5%1Y

26.1%3Y

30.4%5Y

Volatility