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.
|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|
|12Dec16 07:00||GNW||WEEKLY SHARE REPURCHASE PROGRAM TRANSACTION DETAILS|
|07Dec16 17:00||GNW||SBM OFFSHORE 2016 YEAR END UPDATE|
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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.
$275m settlement with Brazilian government
18 Jul 16
On Friday, 15 July, SBM Offshore reached a settlement with the Brazilian government; this closes the inquiries into improper commercial practices. The terms: - Cash payment of $162.8m (o/w $149.2m to Petrobras, the remainder to ministries; $142.8m paid on settlement, plus $10m instalments after one and two years); - 95% reduction on the future performance bonus on FPSOs Cidade de Anchieta and Capixaba lease and operate contracts, amounting to $179m over the period 2016-30, with a PV of $112m (SBM applies a 10% discount rate); - The company is obliged to cooperate on procedures, related to the case, against third parties; - Implementation by SBM Offshore of improvements of its internal compliance programme in relation to Brazil.
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital