Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SBM OFFSHORE NV. We currently have 11 research reports from 1 professional analysts.
|13Apr17 17:06||GNW||Annual General Meeting of Shareholders - 2017 Resolutions|
|01Mar17 17:00||GNW||Annual General Meeting of Shareholders Announcement|
|08Feb17 17:00||GNW||SBM OFFSHORE 2016 FULL YEAR EARNINGS|
|20Dec16 17:06||GNW||SBM Offshore Awarded Contracts for ExxonMobil Liza FPSO|
|20Dec16 16:43||GNW||COMPLETION OF SHARE REPURCHASE PROGRAM|
|19Dec16 07:00||GNW||WEEKLY SHARE REPURCHASE PROGRAM TRANSACTION DETAILS|
|15Dec16 07:00||GNW||UPDATE ON STATUS OF THE LENIENCY AGREEMENT|
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SBM OFFSHORE NV
SBM OFFSHORE NV
Guidance of Directional EBITDA 2017 similar to 2016
08 Feb 17
H2 16 IFRS revenue was $1.2bn (-34% yoy due to Turnkey). Directional revenue came in at $0.9bn. IFRS EBIT was $351m (vs. a $16m loss in H2 15), somewhat above consensus ($318m). Underlying Directional EBIT was $198m (vs. consensus at $152m). The IFRS underlying net profit was $163m (vs. $80m in H2 15), broadly in line with consensus expectations. The IFRS net debt was $5.2bn, stable from last year. Proportional net debt remained at $3.1bn. Guidance 2017: - Directional revenue of around $1.7bn (o/w Turnkey $0.2bn, Lease and Operate $1.5bn), missing consensus expectations (at $1.9bn); - Directional EBITDA at c. $750m, below consensus at $800m.
Positive FCF from H1 16; €150m share buy-back; further cost-cutting
10 Aug 16
H1 16 IFRS revenue was $1.1bn (-27% yoy due to Turnkey, -48% yoy to $505m). Directional revenue came in at $0.9bn. IFRS EBIT was $213m (+4% yoy), below consensus (at $287m). Underlying Directional EBIT was $146m (-43% yoy; vs. consensus at $161m). The IFRS underlying net profit was $145m (vs. $106m in H1 15), broadly in line with consensus estimates. The IFRS net debt was $5.2bn (steady from end-2015). Proportional net debt, at $3.1bn, decreased by $68m ytd. The company generated a positive FCF thanks to Lease & Operate. Guidance 2016 is mostly confirmed: - Directional revenue of at least $2.0bn (o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn); - Directional EBITDA at c. $750m; - Directional capex at $70m (vs. $90m previously). The group launched a $150m share buy-back programme to be completed in 2016.
Guidance confirmed, covenants renegotiated
11 May 16
Q1 directional revenues were $442m (-26% yoy; IFRS revenues were $507m, -32% yoy), as expected by management. Guidance 2016 is confirmed: - Directional revenue of at least $2.0bn (o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn); - EBITDA at c. $750m.
Recovery unlikely before 2018; H2 15 order intake almost nil
11 Feb 16
In H2 15, IFRS revenue was $1.2bn, below consensus estimates (at $1.7bn), and -54% yoy, mainly due to Turnkey. However, Directional revenue came in at $1.0bn, in line with consensus expectations and guidance. New orders were $87m (vs. $2.1bn in H2 14). The Directional backlog stood at $18.9bn (vs. $21.8bn in 2014), o/w 97% in Lease and Operate. IFRS EBIT was $35m (vs. $526m in H2 14), missing consensus (at $292m). Directional EBIT posted a $64m loss ($242m in H2 14), also below consensus (at $152m). The IFRS bottom line also disappointed, with a loss of $135m (vs. a $155m profit of consensus estimates). The IFRS net debt was $5.2bn (vs. $4.8bn last year and flat from H1 15). Proportional net debt, at $3.1bn, beat guidance of $3.3bn. The company proposed a dividend of $0.21 per share, after a 5-year break. +Guidance 2016:+ - Directional revenue at $2.0bn (below consensus at $2.2bn), o/w Turnkey $0.6-0.7bn, Lease and Operate $1.3-1.4bn; - Directional EBITDA at $750m; - The company expects Turnkey losses (at Directional EBIT level) of a cumulated c. $150m over 2016-17; - Directional capex at c. $90m.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)