On target despite global disruption
August 6, 2020
Highlights
- Effective response to COVID-19 and oil price crises
- Successfully maintaining focus on health and safety of staff
and business continuity
- Adapting the organization to ensure flexibility, performance
and competitiveness
- Financial results in line with expectation
- 2020 Directional1 EBITDA guidance increased from “around” to
“above” US$900 million
- 2020 Directional revenue guidance maintained at “around” US$2.3
billion
The 2020 Half Year Results and Interim Financial Statements are
published on the Company’s website
under https://www.sbmoffshore.com/investor-relations-centre/financial-information/financial-results/half-year-results/.
Bruno Chabas, CEO of SBM Offshore, commented:
“Over the last six months, SBM Offshore has
successfully navigated a challenging period, having mitigated the
COVID-19 crisis at our construction projects, in the fleet and
through remote working. Our Lease and Operate team has not only
kept the fleet’s uptime at historical highs but also created a
COVID-19-free environment offshore. Our project teams in Turnkey
are working together with client and supplier teams in order to
mitigate impacts.
The financial results during the period and full
year guidance remain in line with management expectation, which
demonstrates the robustness of SBM Offshore’s business model and
its effective response. At the same time, the COVID-19 crisis is
having a profound impact on the energy industry, not only in the
short term but expected also for the longer term future.
In today’s environment, clients require faster,
lower carbon intensive and lower cost oil production. SBM
Offshore’s emissionZEROTM program and our current technology
offering bring lower carbon intensity and cost efficient solutions
to our clients. Industry cycles are expected to become even
shorter. In response to this reality, we are adapting SBM
Offshore’s organization to ensure flexibility, performance and
competitiveness, regardless of the phase in the cycle. Specialized
centers will create local content and build on the Company’s
experience while decreasing emissions and increasing cost
competitiveness through standardization brought by the Fast4Ward®
program.
SBM Offshore will continue to adapt while the
energy market transforms. We are committed to delivering solutions
to clients in order to make the energy transition a reality and to
reduce the carbon intensity of our business.”
Financial Overview
|
|
Directional |
|
IFRS |
|
|
|
|
|
|
|
|
|
in US$ million |
|
1H 2020 |
1H 2019 |
% Change |
|
1H 2020 |
1H 2019 |
% Change |
Revenue |
|
1,179 |
965 |
22% |
|
1,592 |
1,491 |
7% |
Lease and Operate |
|
829 |
646 |
28% |
|
735 |
648 |
13% |
Turnkey |
|
351 |
319 |
10% |
|
857 |
843 |
2% |
EBITDA |
|
523 |
399 |
31% |
|
489 |
447 |
9% |
Lease and Operate |
|
538 |
425 |
27% |
|
436 |
400 |
9% |
Turnkey |
|
25 |
5 |
366% |
|
93 |
77 |
21% |
Other |
|
(40) |
(30) |
-32% |
|
(40) |
(30) |
-32% |
Profit attributable to Shareholders |
|
38 |
61 |
-38% |
|
98 |
127 |
-23% |
Underlying Profit attributable to Shareholders |
|
94 |
61 |
55% |
|
155 |
127 |
22% |
Earnings per share [US$ per share] |
|
0.20 |
0.30 |
-36% |
|
0.52 |
0.63 |
-17% |
Underlying earnings per share [US$ per share] |
|
0.50 |
0.30 |
64% |
|
0.82 |
0.63 |
30% |
|
|
|
|
|
|
|
|
|
in US$ million |
|
1H 2020 |
1H 2019 |
|
|
1H 2020 |
1H 2019 |
|
Non-recurring items impacting Profit |
|
|
|
|
|
|
|
|
SBM Installer impairment |
|
(57) |
- |
|
|
(57) |
- |
|
|
|
|
|
|
|
|
|
|
in US$ billion |
|
Jun-30-20 |
Dec-31-19 |
% Change |
|
Jun-30-20 |
Dec-31-19 |
% Change |
Pro-Forma Backlog2 |
|
19.7 |
20.7 |
-5% |
|
N/A |
N/A |
N/A |
Net Debt |
|
3.9 |
3.5 |
12% |
|
4.8 |
4.4 |
9% |
Directional revenue for the first half year of
2020 came in at US$1,179 million, an increase of 22% compared with
the same period in 2019, mainly driven by the Lease and Operate
segment. Year-to-date Directional revenue from Lease and Operate
was US$829 million compared with US$646 for the first half of 2019.
The increase in Directional revenue from Lease and Operate mainly
resulted from FPSO Liza Destiny joining the fleet after achieving
first oil at the end of 2019 and the Company's increased ownership
in the Lease and Operate entities related to the five Brazilian
FPSOs purchased by the Company in the second half of 2019.
Directional Turnkey revenue increased by 10% to a total of US$351
million for the period.
Directional EBITDA for the first half year of
2020 totaled US$523 million, representing a 31% or US$123 million
increase compared with the year-ago period. Directional Lease and
Operate EBITDA increased by 27% or US$113 million to a total of
US$538 million compared with first half of 2019. This increase is
caused by the same drivers as the increase in Lease and Operate
revenue. The incremental costs from the implementation of
additional safety measures linked to COVID-19 have been partially
recharged to clients under reimbursable contracts. The Company was
able to mitigate most of the remaining net cost by improved
operational performance. Directional Turnkey EBITDA increased by
US$20 million to a total of US$25 million, mainly reflecting the
growth in Turnkey activities and discipline in project execution.
Compared with the first half of 2019, Other cost increased by US$10
million to US$40 million. This increase mainly resulted from
one-off legal and tax expenses and investment in the Company’s
digital initiatives.
The construction activities on FPSOs did not
significantly contribute to gross margin in the first half of 2020
under Directional reporting, because FPSO Sepetiba has not yet
reached the gate progress of completion allowing margin recognition
under the Company's policy. As such, revenue is recognized only to
the extent of cost incurred. In addition, the Liza Unity project
and the limited scope from the Prosperity project are 100% owned by
the Company and classified as operating lease as per Directional
accounting policies. As such, these projects do not contribute to
the Company’s net result before first oil. For more details, refer
to SBM Offshore’s Directional accounting principles in chapter
4.3.2 of the Company’s 2019 Annual Report.
Underlying Directional net profit for the first
half year of 2020 totaled US$94 million, or US$0.50 per share, an
increase of 55% compared with the same period last year. Underlying
Directional net profit is adjusted for the non-recurring impairment
of US$57 million related to the SBM Installer (refer to Impairment
Review section below for more details).
Impairment Review
In light of the significantly deteriorated
outlook in the offshore support vessel market, the Company has
impaired the remaining book value of the right-of-use asset and
other related fixed assets associated with the SBM Installer vessel
for a total of US$57 million.
An additional aggregate US$31 million of
impairments, individually not material, was recognized relating to
partial impairment of two units and increased impairment loss on
certain financial assets. For more details, refer to the 2020 Half
Year Interim Financial Statements.
Adapting the Business Model
The Company’s strategy is set to adapt its
products and business model to an environment of shorter oil price
cycles and increased volatility. Consequently, the Company is
taking action to reorganize the allocation of activities in our
centers in order to become more efficient, building on our
Fast4Ward® and emissionZEROTM programs. The capacity of our center
located in India, supporting the Company’s EPC (engineering,
procurement and construction) activities and fleet support for
operations, will be increased. These measures will enable the
Company to lower its break-even point and allow the Company to
scale activities in line with market demand.
Unfortunately, the need to lower our cost base
will lead to job losses. Compared with year-end 2019, the
reorganization is expected to lead to a reduction of c. 600
positions3. The annualized cost of these positions is c. US$100
million. Restructuring costs are expected to be c. US$50-60
million, mainly booked in the second half of 2020.
SBM Offshore is maintaining its ability to win
two to three FPSO orders per year. Investments into the energy of
the future (e.g. gas and renewables) continue as planned.
Funding and Directional Net Debt
Directional net debt increased by US$419 million
to US$3,879 million as of June 30, 2020. While the Lease and
Operate segment continues to generate strong operating cash flow,
the Company drew under the project loan facilities of FPSO Liza
Destiny and FPSO Liza Unity to fund the continued investment in
growth.
The majority of the Company's debt as of June
30, 2020 consisted of non-recourse project financing (US$2.7
billion). Under the Liza Unity and Destiny projects, a total of
US$1.3 billion of debt was drawn. The Company’s Revolving Credit
Facility (RCF) was drawn for c. US$70 million and the net cash
balance stood at c. US$300 million. Lease liabilities totaled c.
US$ 150 million. The pre-completion parent company guarantee
related to the US$720 million Liza Destiny project loan was
released on July 31, 2020. The project loan in the related special
purpose company has become non-recourse.
At June 30, 2020 the average interest rate for
the Company’s debt stood at 4.3%, compared with 4.9% at year-end
2019.
During the period, a US$600 million bridge loan
facility was secured by the special purpose company owning
FPSO Sepetiba to finance its ongoing construction.
Repayment is expected to take place upon closure and first drawdown
of the project loan for which negotiations continue to
progress.
As at June 30, 2020 the Company had a total
liquidity position of US$2.1 billion. This consisted of available
balances under the RCF (US$0.9 billion) and undrawn loans (c.
US$0.4 billion for the SBM share in the bridge loan for the
Sepetiba project and c. $0.5 billion under the loan for project
Liza Unity) and the net cash balance of c. US$0.3 billion. Post
period in July, the bridge loan for the Sepetiba project was drawn
in full in order to continue to fund the FPSO construction.
Cancellation of Shares
Upon completion of the 2020 share repurchase
program, in line with its reported objectives, SBM Offshore is
planning to cancel 10 million shares currently held in Treasury.
This represents c. 80% of the total shares repurchased. The
cancellation is expected to take place before year-end.
Directional Pro-Forma Backlog
Changes in ownership scenarios and lease
contract durations have the potential to significantly impact the
Company's future cash flows, net debt balance as well as the profit
and loss statement. The Company therefore provides a pro-forma
backlog on the basis of the most likely ownership scenarios and
lease contract durations for the various projects.
The pro-forma backlog at June 30, 2020 reflects
assumptions, which are in line with year-end 2019 pro-forma backlog
assumptions, for more details, refer to the 2020 Half Year
Management Report.
The pro-forma Directional backlog at the end of
June 30, 2020 decreased by US$1 billion to a total of US$19.7
billion, compared with US$20.7 billion at December 31, 2019. The
decrease was mainly the result of turnover of US$1.2 billion in the
first half year of 2020 consuming backlog.
(in billion US$) |
|
Turnkey |
Lease & Operate |
Total |
2H 2020 |
|
0.3 |
0.9 |
1.1 |
2021 |
|
1.2 |
1.5 |
2.7 |
2022 |
|
0.3 |
1.2 |
1.4 |
Beyond 2022 |
|
1.3 |
13.1 |
14.4 |
Total Backlog |
|
3.1 |
16.7 |
19.7 |
Project Review
Project |
Client/country |
Contract |
SBM Share |
Capacity, Size |
Percentage of Completion |
Expected Delivery |
Liza Unity, FPSO |
ExxonMobil Guyana |
2 year Build, Operate, Transfer |
100% |
220,000 bpd |
>50% <75% |
2022 |
Sepetiba, FPSO |
Petrobras Brazil |
22.5 year Lease & Operate |
64.5% |
180,000 bpd |
< 25% |
2022 |
SBM Offshore’s construction activities rely on
global supply chains, which face challenges to varying degrees from
the pandemic. Some suppliers experience difficulty delivering
equipment on time, have capacity issues or are facing the
consequences of international travel restrictions. Project teams
are working closely with client teams and contractors to mitigate
impacts on and create alternatives for execution planning. Impacts
on cost and schedule are regularly assessed. An update on
individual projects is provided below.
FPSO Liza Unity
After the temporary closure of the yards in
Singapore due to COVID-19, the yards have re-opened and are
currently ramping up again. With the vessel in dry-dock, work is
progressing on the integration of the mooring system and the
preparation for the lifting and integration of the first topside
modules. The project continues to target first oil in 2022.
FPSO Sepetiba
The project is progressing, with the project
team working with yards and suppliers on mitigating the delays
caused by the ongoing COVID-19 crisis. The Fast4Ward® multipurpose
floater (MPF) hull is currently being constructed at the yard in
China, where the yard is back at full capacity after reopening at
the end of the first quarter in 2020. The fabrication of topside
modules started in Brazil and China in the second quarter of this
year.
FPSO Liza Destiny
In December 2019 FPSO Liza Destiny reached the
milestone of first oil. During the final commissioning phase, the
FPSO encountered some challenges with the FPSO’s gas handling
system. The Company is working together with its client and
suppliers in order to expedite resolution. Once the system is
commissioned, it will ramp up to full capacity (120,000 barrels of
oil per day) while the unit is expected to achieve flare-out. Both
the safety of the staff on board the FPSO and the efforts to
minimize flaring are key priorities for the Company.
Fast4Ward® MPF hulls
Under the Company’s Fast4Ward® program the total
number of MPF hulls ordered to date stands at five. Three MPF hulls
are allocated to FPSOs Liza Unity, Sepetiba and Prosperity.
The construction of the Prosperity MPF hull is
progressing in accordance with schedule. The Prosperity project
remains subject to government approvals, project sanction and an
authorization to proceed with the next phase. There are potential
delays to the schedule. The Company continues to look for
opportunities to mitigate cost and schedule impacts.Regarding the
MPF hulls not allocated to projects, MPF hulls number four and
five, construction of the fourth MPF hull commenced and is making
progress in line with SBM Offshore’s execution plan. Construction
of the fifth MPF hull has not started.
Johan Castberg Turret Mooring System (TMS)
With the final modules of the Johan Castberg TMS
safely shipped from the yard in Dubai, the project is entering its
integration and commissioning phase. The main EPC activities have
been completed. The Company is working with the client on the
integration of the TMS into the FPSO. This last phase represents
less than 10% of the original project scope.
Operational Update
SBM Offshore’s fleet uptime during the first half of 2020 was
99.5%, in line with the fleet’s lifetime historical average.
Due to COVID-19, business continuity protocols
remain in place at shore bases as well as offshore in our fleet. To
date, the Company’s response has been effective as evidenced by the
uptime. The Company’s COVID-19 response strategy aims to prevent
the occurrence of cases on board our vessels and in onshore
locations and to minimize impact on operations if and when cases
are identified.
FPSO Capixaba
FPSO Capixaba, held by an entity without debt
financing, of which SBM Offshore is the 100% owner, was shut down
in April in consultation with the client, enabling the Company to
complete an extensive maintenance program. In agreement with the
client, this shutdown was extended to a total duration of
approximately four months. During this period, no charter payment
is due. The period of approximately four months has been added to
the charter contract at the end of the current lease period. The
shutdown enables SBM Offshore to bring forward and optimize
structural maintenance activities originally planned for future
years.
MOPU Deep Panuke
The Deep Panuke platform was safely de-installed
from the offshore field in July 2020. During the next phase of the
project, the platform will be prepared for transport to a recycling
yard. The yard selection is planned for second half of this year. A
prerequisite for awarding the contract to the yard will be an audit
to confirm the yard’s ability to operate within the SBM Offshore
policy and meet the relevant external guidelines.
Semi-Sub Thunder Hawk
The Thunder Hawk production facility, owned 100%
by SBM Offshore, was temporarily shut down in April of this year
upon operator request. After a period of 45 days, the unit
restarted production in June. The Thunder Hawk contract is the only
lease contract in the SBM Offshore lease portfolio for which
revenues are dependent on production.
Post-Period Events
With reference to the acquisition of the
minority stakes in five Brazilian FPSOs announced on November 22,
2019, the Company sold to the current partners 7% of the shares in
the lease and operating companies related to one of the units on
July 28, 2020 for a consideration of US$28 million. This
transaction was anticipated upon completion of the acquisition and
was taken into account in the relevant financials, including the
pro-forma backlog reported at December 31, 2019.
Following the Deep Panuke MOPU redelivery, under
the final settlement signed with the client, the redelivery of the
unit does not affect the contractually agreed amount and timing of
the financial considerations to be received by the Company as per
the initial charter contract. This includes the option for the
client to continue payments until the end of the initial charter
period or to elect for an early lump sum payment.
As a result of the redelivery of the unit and
the final settlement, the lease period of the unit, as per
accounting requirements, has ended and the Company will recognize
the remaining revenue in the second half year of 2020 (US$122
million), which also includes the portion of the financial
consideration to be received in 2021 in case no early lump sum
payment is made (i.e. US$79 million). In addition the Company will
depreciate all the remaining value of the asset (US$123 million) in
the second half of 2020, including the portion of depreciation that
would have been recognized as per original depreciation schedule in
2021 (i.e. US$78 million). As a consequence, the redelivery of the
unit will lead to an additional revenue and EBITDA recognition of
US$79 million in the second half of 2020, while the gross margin
and net income (after depreciation) will show limited impact.
Sustainability and HSSE
The Company’s approach is to translate its
Environmental, Social and Governance (ESG) efforts into transparent
and measurable metrics. SBM Offshore has reported ESG related
metrics for more than a decade. Since then, the number of ESG
related metrics reported has increased to more than 40. Since 2019,
the Company uses the United Nations’ (UN) Sustainable Development
Goals (SDG) framework to set annual quantifiable targets reflecting
ESG priorities. Progress is reported at year-end. To date, the
Company selected six SDGs for which it set 10 targets. Using its
experience obtained over recent years, the Company will by 2021
create long-term targets with an outlook to 2030, which matches the
agenda of the United Nations’ SDG goals.
Extending SBM Offshore’s ambition to reduce
carbon emissions, the Company announced its emissionZEROTM program
at the start of this year. The program’s objective is to be able to
offer clients an FPSO with near-zero emissions. To date, the
Company has started 23 individual projects supporting this goal of
an emissionZEROTM FPSO. These projects focus on the two main
sources of greenhouse gas emissions from an FPSO: energy generation
and flaring. The projects include among others, investigating a
carbon capture and storage solution, electrification of the FPSO to
reduce emissions from the power generators and application of
digital solutions for the purpose of gathering and analyzing data
to increase operational reliability and predictability.
During the first half of 2020, the Company
engaged with more than 30 of its key stakeholders to further
improve its understanding of stakeholder interests, especially in
relation to the Company’s strategy and approach to sustainability.
These stakeholders included clients, banks, investors and
employees. The conclusions from the discussions support the
approach to prioritize energy transition and reduction of carbon
emissions. The Company will expand this initiative to other
stakeholder groups. SBM Offshore is planning to maintain a
continuous dialogue with its stakeholders.
COVID-19: supporting local communities
From the start of the COVID-19 pandemic, SBM
Offshore reached out to local communities in order to provide
support. For instance, the SBM Offshore office in China donated
COVID-19 prevention equipment to the Disease Control Office of the
Changing District in Shanghai through the Shanghai Charity
Foundation. In Guyana, the Company set up a global operation to
supply 30,000 pieces of protective equipment to the country.
Total Recordable Injury Frequency Rate (TRIFR)
As at June 30, 2020, the Company’s TRIFR was
0.12 over the first half of 2020, compared with the full year 2020
target of 0.20.
Outlook and Guidance
The outlook for the number and timing of new
projects coming to the market remains uncertain. SBM Offshore’s
US$19.7 billion Directional backlog uniquely positions the
Company in navigating the current challenges and future
uncertainties. Underpinned by “in hand” activities from the
backlog, and benefiting from good performance on close out of
projects and other commercial items, 2020 Directional EBITDA
guidance is increased from “around” US$900 million to “above”
US$900 million. 2020 Directional revenue guidance is maintained at
“around” US$2.3 billion of revenues, with around US$1.6 billion
coming from Lease and Operate and around US$0.7 billion from the
Turnkey segment.
This guidance excludes the exceptional positive
impacts on Revenue and EBITDA resulting from redelivery of the Deep
Panuke platform.
The Directional EBITDA and revenue guidance
considers the currently foreseen COVID-19 impacts on projects and
fleet operations. The Company highlights that the direct and
indirect impact of the crises could have a material impact on the
Company’s business and results. Further updates on the status of
the outlook and guidance for 2020 financials will be provided as
usual on a quarterly basis.
Analyst Presentation & Conference Call
SBM Offshore has scheduled a conference call
together with a webcast, which will be followed by a Q&A
session, to discuss the Half Year 2020 Earnings
release.
The event is scheduled for Thursday, August 6,
2020 at 10.00 AM (CEST) and will be hosted by Bruno Chabas (CEO),
Douglas Wood (CFO), Philippe Barril (COO) and Erik Lagendijk
(CGCO). Interested parties
are invited to register prior to the call using the
registration
link: https://www.kpneventcall.nl/EventRegistration/3495cba8-0232-4aec-bded-1afe5bb6bbf8
Please note that the conference call can only be
accessed with a personal identification code, which is sent to you
by email after completion of the registration. This process is
different compared with previous SBM Offshore conference
calls. The live webcast
will be available
at: https://channel.royalcast.com/webcast/sbmoffshoreinvestors/20200806_1/
Corporate Profile
The Company’s main activities are the design,
supply, installation, operation and the life extension of floating
production solutions for the offshore energy industry over the full
lifecycle. The Company is market leading in leased floating
production systems, with multiple units currently in operation.
As of December 31, 2019, the Company employed
approximately 4,450 people worldwide spread over offices in our key
markets, operational shore bases and the offshore fleet of
vessels.
SBM Offshore N.V. is a listed holding company
headquartered in Amsterdam, the Netherlands. It holds direct and
indirect interests in other companies.
Where references are made to SBM Offshore N.V.
and /or its subsidiaries in general, or where no useful purpose is
served by identifying the particular company or companies “SBM
Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
August 6, 2020
Financial Calendar |
Date |
Year |
Trading Update 3Q 2020 – Press Release |
November 12 |
2020 |
Full Year 2020 Earnings – Press Release |
February 11 |
2021 |
Annual General Meeting of Shareholders |
April 7 |
2021 |
Trading Update 1Q 2021 – Press Release |
May 12 |
2021 |
Half Year 2021 Earnings – Press Release |
August 5 |
2021 |
Trading Update 3Q 2021 – Press Release |
November 11 |
2021 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Telephone: |
+31 (0) 20 236 3222 |
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Telephone: |
+31 (0) 20 236 3170 |
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.
(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) The pro-forma backlog at June 30, 2020
reflects assumptions which are in line with year-end 2019 pro-forma
backlog assumptions, for more details, refer to the 2020 Half Year
Management Report.
(3) This includes reduction of c. 300
positions as announced in First Quarter 2020 Trading Update.
- SBM Offshore Half Year 2020 Earnings press release
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