Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SBM OFFSHORE NV. We currently have 10 research reports from 1 professional analysts.
|20Dec16 05:06||GNW||SBM Offshore Awarded Contracts for ExxonMobil Liza FPSO|
|20Dec16 04:43||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 05:00||GNW||SBM OFFSHORE 2016 YEAR END UPDATE|
|05Dec16 07:00||GNW||WEEKLY SHARE REPURCHASE PROGRAM TRANSACTION DETAILS|
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SBM OFFSHORE NV
SBM OFFSHORE NV
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.
Invitation for Sépia and Libra tenders from Petrobras; Brazil settlement still pending
16 Nov 15
SBM Offshore has received from Petrobras the formal invitation to tender for FPSO projects in the Sépia and Libra fields. The awarding of new contracts still depends on SBM Offshore and Brazilian authorities reaching a settlement over the compliance issues.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.