SBM Achieves Record Order Backlog

Dutch oilfield services firm SBM Offshore reported late Wednesday that the firm's medium-term outlook has improved and that it is "on track" to resolving legacy issues after reaching a record order backlog of $22.4 billion – a 36-percent improvement over six months earlier.

The order backlog includes contracts for floating production, storage and offloading vessels (FPSOs) Cidade Maricá and Cidade de Saquarema for Petrobras – which are the company's largest orders to date.

SBM noted that production began on FPSO Cidade de Paraty in Brazil during its first half and that a $600-million project loan has been secured for FPSO N'Goma. Since the end of the first half, the company was awarded a contract by Royal Dutch Shell to supply and lease an FPSO for the Stones development project in the Gulf of Mexico.

SBM's revenues during the first half increased 24 percent to $1.7 billion, while its profit at the EBIT level improved 69 percent to $297 million.

SBM Offshore CEO Bruno Chabas commented in a company statement:

"I am strongly encouraged by the headway we have made in the first half. We have secured several outstanding contract awards and are on a much stronger footing, having both remedied a significant legacy issue and strengthened our balance sheet.

"Our management team can now concentrate on running the business and progressing our strategic transformation. Our focus on FPSOs is at the heart of this and our prospects give me confidence in our performance for the full year."

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