SBM Offshore reports Full Year Results for 2013

sbmSBM Offshore finished 2013 with a strong underlying financial performance, ahead of expectations. The Company has now put most of its legacy projects to rest, secured the balance sheet and refocused its activity around the FPSO-led strategy. Directionalrevenue increased 13% to US$3,445 million, while Directional backlog reached US$23 billion. This was reinforced by strong operational performance with consistently high uptime across the fleet of over 99%. Three prestigious FPSO awards were won during the year (Cidade de Maricá, Cidade de Saquarema and FPSO Stones), two FPSOs (Cidade de Paraty and OSX-2) were delivered on time and on budget and Deep Panuke platform reached full production capacity and is now fully on hire. 

Bruno Chabas, CEO of SBM Offshore commented: “2013 was a year of progress on all fronts: strategic, operational and financial. Our Company is now focused, without distraction, on its future. Our outstanding project wins in Brazil and the US Gulf of Mexico sum-up what is best about SBM Offshore: staying close to our clients, using our technological edge to solve their problems and taking pride in our work. Our industry faces a challenging period, but we believe SBM Offshore is strongly positioned. We possess a balanced portfolio of projects, the ability to offer a choice of financing options for clients and the leading position in a niche service which the oil industry needs to sustain future production.”

Access the full report here.

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