Half Year Results 2005

| Source: SBM Offshore Amsterdam B.V. SBM Offshore Amsterdam B.V.

1.   Half-year results 2005
 
Financial information in this document has been prepared based on the IFRS standards, including re-statement of 2004 information previously disclosed under Dutch GAAP. Mid-year comparative data also includes the former shipbuilding division for which the decision to divest was taken in August 2004.
 
The unaudited net profit after tax for SBM Offshore N.V. (the Company, formerly IHC Caland N.V.) for the first six months of 2005 was US$ YYY million (US$ XX per share) compared with US$ XXX million (US$ XX per share) at mid-year 2004, and US$ XXX million (US$ XX per share) for the whole of 2004.
 
EBITDA for the half-year was US$ XXX million (US$ y.yy per share) compared with US$ XXX million (US$ XX per share) at mid-year 2004, and US$ XX million (US$ y.yy per share) for the whole of 2004.
 
Net cash in hand plus securities at the end of June was US$ XXX million compared with US$ XXX million at the end of 2004.
 
 
2.   IFRS
 
 
3.   Expectations for the full year 2005
 
Based upon the result of the first six months and potential developments over the remainder of the year, the Company expects that 2005 will generate:
 
  • Net income of around US$ XXX million (US$ XX per share), of which roughly XX will be derived from the lease fleet operations.
    •  
  • EBITDA of around US$ XXX million (US$ XX per share).
    •  
  •           Capital expenditure of around US$ XXX million compared with US$ XXX million in 2004.
    •  
    4.   New booked orders
     
    New booked orders for the first half-year of 2005 totalled US$ XXX million, compared with US$ XXX million for the first half of 2004, and US$ XXX million for the whole year 2004. Order portfolio at 30 June stood at US$ XXX million (year-end 2004 - US$ XXX million).
     
    The major new orders include:
     
  •           An eight-year lease contract for an FPSO for the development of the Kikeh field offshore Malaysia, operated by Murphy Sabah Oil Co Ltd, executed in Joint Venture with Malaysia International Shipping Corporation Berhad (MISC).
    •  
  •           The order from Stolt Offshore for a deepwater oil export system for the Greater Plutonio field of BP offshore Angola.
    •  
  •           A contract with Daewoo for the supply and installation of the spread mooring system for Chevron's FPSO for the Agbami field offshore Nigeria.
    •  
  •           The contract for the basic design package and the supply of special components for four jack-up and two semi-submersible drilling units to be built by Keppel FELS in Singapore for Maersk Contractors.
    •  
  •           A Purchase Order from BP Trinidad and Tobago LLC for the supply of an SBM-Imodco built "stock buoy" to replace one of BP's terminals at the Galeota Point refinery, supplied by the SBM group in the seventies.
    •  
  •           A contract from Soilmare S.r.L., for the design and supply of a complete CALM terminal for the Mellitah Upgrading Project of Agip Oil Co. Ltd Libya.
    •  
  •           Through Delcom Services Sdn Bhd a contract from Murphy Sabah Oil Co Ltd for the engineering, procurement, construction and installation of a Gravity Actuated Pipe (GAP) system for the transfer of multiple live produced fluids between a Dry Tree Unit and the FPSO on the Kikeh Field offshore Malaysia.
    •  
  •           The order for a very large internal Turret Mooring System for the Floating Production Unit (FPU) P-53 which will operate Petrobras' Marlim Leste Field in the Campos Basin, Brazil.
    •  
  •           An order from Fred Olsen for the supply of a CALM system for the export of oil produced by a spread moored FPSO to be installed in the Addax operated Antan field offshore Nigeria.
    •  
     
    Major orders received after 30 June 2005:
     
    The following major awards were received since 30 June 2005:
     
  •           A contract from BHP Billiton and its partners for Atlantia Offshore Limited for the turnkey design and supply of a SeaStar® Tension Leg Platform for the Neptune field, Gulf of Mexico.
    •  
  •           In consortium with Stolt a contract from Star Deep Water Petroleum Limited, Nigeria (a Chevron subsidiary) for the design, supply and offshore installation of a Deepwater Offloading Export System for the Agbami development offshore Nigeria.
    •  
  •           A Letter of Intent from Saipem for the design and supply of a Deepwater Export System for the Akpo field of Total offshore Nigeria.
    •  
    The total value of these orders received since July 1st, 2005 amounts to about US$ XXX million
     
     
     
     
    5.   Market Developments
     
     
     
    6.   Financial Agenda
     
    Preliminary Results 2005
    Final Results 2005 - Press Release
    Final Results 2005 - Analysts Presentations (Amsterdam and London)
    Annual Report 2005
    Annual General Meeting of Shareholders 2006
    Half-year Results 2006 - Press Release
    Half-year Results 2006 - Analysts Presentations (Amsterdam and London)
    30 January
    29 March
    30 March
    Early May
    19 May
    28 August
    29 August
    2006
    2006
    2006
    2006
    2006
    2006
    2006
     
     
    7.   Corporate Profile
     
    The Dutch public company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services.
     
    The product line comprises:
     
  •           Offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semi-submersibles and Tension Leg Platforms (TLPs).
    •  
  •           Offshore oil and gas production services through FSOs and FPSOs, owned and operated by the Group.
    •  
  •           Offshore construction and installation contracting services.
    •  
  •           Special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialised work vessels.
    •  
     
     
     
     
    The Board of Management                                                                    Schiedam, 29 August 2005
                                                                                                                                                         

     
    For further information:
    SBM Offshore N.V.
    Karel Doormanweg 66
    3115 JD Schiedam
     
    Post address:
    P.O. Box 31
    3100 AA Schiedam
    The Netherlands
     
    Contact person: Mr. Hans Peereboom, V.P. Investor Relations
    Telephone:              (+377) 92051434
    Fax:                        (+377) 92058940
    E-mail:                    hans.peereboom@sbmoffshore.com
    Website:                       www.sbmoffshore.com
     
     
     
    Please click on the link below...:

    Attachments

    Press Release complete version