SBM on Track for $4B Turnover in 2013

Dutch oilfield service provider SBM Offshore confirmed Thursday that it expects to increase its revenue by 8 percent this year to $4 billion.

Reporting a trading update for its first quarter, SBM also confirmed that it reached an agreement to terminate the Yme MOPUstor project in return for the firm agreeing a $470 million settlement with Talisman Energy Norge (as reported by Rigzone on March 12).

SBM's order intake during the first three months of the year amounted to $7.9 billion. This included letters of intent (LOIs) from Petrobras that helped to boost SBM's total order intake to $21.1 billion.

SBM received 20-year charter and operation LOIs March 22 for two FPSO vessels (FPSO Cidade de Maricá and FPSO Cidade de Saquarema). These will be deployed at the Lula field in Brazil's offshore pre-salt province.

During 1Q 2013, SBM's first quarter turnover improved 35.5 percent to $1 billion.

SBM CEO Bruno Chabas commented in a company statement:

"During the last few months we have completed a number of the issues we intended to address including the resolution of Yme and strengthening of the balance sheet. We are now fully focused on delivering reliable and sustainable value in line with our strategy, as the two FPSOs for the Lula field demonstrate.

"Our ongoing projects are on track, as is turnover and we continue to pursue new prospects to take full advantage of the opportunities within the industry, while at the same time continuing our transformation activities."


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