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SBM Offshore posts higher 1Q revenue

first_imgDutch FPSO specialist SBM Offshore has reported a rise in directional revenue for the first quarter of 2019, boosted by the turnkey segment of the business.SBM Offshore CEO Bruno Chabas / Image source: SBM OffshoreThe company reported directional revenue of $456 million for the quarter, up from $385 million in the corresponding quarter a year ago.SBM Offshore said that the 18 percent or $71 million increase in revenue was caused by Turnkey segment which benefited from a continued increase in activity stressing in particular progress made on the Johan Castberg turret project being built for Equinor.First quarter revenues in Lease and Operate segment decreased by 6 percent or $20 million in the first quarter of 2019 compared with the same period last year.This decrease was caused by vessels that left the fleet during 2018 – FPSO Turritella, FSO Yetagun, and FSO N’Kossa II – SBM Offshore said.SBM Offshore’s directional revenue guidance for the full year is maintained at around US$2 billion of revenues, with around US$1.3 billion coming from Lease and Operate and around US$0.7 billion from the Turnkey segment, while 2019 Directional EBITDA guidance is maintained at around US$750 million.The company has also confirmed that the construction of the Liza Destiny FPSO is almost complete, as reported earlier. The FPSO converted from a VLCC will be deployed in Guyana as at Exxon’s Liza oil field.Bruno Chabas, CEO of SBM Offshore, commented: “SBM Offshore’s performance over the first quarter of 2019 has been on target and our guidance for the full year remains unchanged. Our operations continue to demonstrate strong performance and our projects under construction are progressing as expected and to the satisfaction of our clients. FPSO Liza Destiny entered the final phase of construction and commissioning at the yard in Singapore.”Chabas also commented on the second FPSO Exxon has ordered from SBM Offshore for the second phase of the Liza Field. Worth noting, unlike the Liza Destiny, which was converted from a VLCC, this FPSO will be built under SBM’s Fast4Ward program.Fast4Ward is a program which includes a standardized FPSO designed to speed up the time to the market, as it is based on a built-to-stock FPSO hull. The FPSO ordered this month will be named Liza Unity, and is SBM Offshore’s first unit delivered under the Fast4Ward program.Chabas said on Thursday: “As regards new orders, with the award of the second FPSO for the Liza project in Guyana, Liza Unity, SBM Offshore’s Fast4Ward™ philosophy has moved from plan to reality, with the first standard hull now allocated. Construction of this hull is progressing according to plan, with the major steel structure now in dry-dock. The project will see several standard topsides being adopted from our catalogue.“Driven by ongoing client capital discipline, the offshore industry upturn remains concentrated on very large, high quality field developments, which benefit most from our Fast4Ward™ concept. As clients mature their conceptual designs, our visibility of future opportunities continues to improve. In anticipation of this upturn, SBM Offshore ordered the third Fast4Ward™ hull from a second yard.”“The fact that Fast4Ward™ is now very much a reality, combined with our efficient financing model and organization, means that our growth engine, Turnkey, is well positioned to increase cash flow and value.”Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.DAlast_img read more

Windies face crucial series-decider against Afghans

first_imgGROS ISLET, St Lucia (CMC) – Embattled West Indies face minnows Afghanistan in a crucial series-decider here tonight, needing a victory to avoid not only a devastating series defeat but also the embarrassment associated with losing to the ICC Associate side.What was supposed to be an easy assignment for the Windies to placate their absence from the ongoing ICC Champions Trophy in England, has gone horribly wrong, leaving the three-match series level at 1-1 with everything to play for in the final One-Day International at the Darren Sammy Cricket Ground starting at 14:30hrs.The Caribbean side’s performances have not lived up to expectations, especially against an inexperienced Afghanistan, who are a non-playing Test nation and who have spent most of their time scuffling with the likes of fellow minnows Zimbabwe and Ireland.Perhaps the statement of the series came in the opening ODI last Friday when Windies shockingly collapsed to a stunning 63-run defeat.Asked to chase a modest 213, they stumbled to 149 all out, undermined by the magic of 18-year-old leg-spinner Rashid Khan who took seven for 18 – the fourth best figures in one-day history.Windies hit back strongly through their bowling in the second ODI to win by four wickets last Sunday. They shot the Afghans out for 135 with aggressive, short-pitched bowling but then laboured to reach their target, getting home in the 40th over, as Khan once again caused consternation with three for 26.Bowling coach Roddy Estwick yesterday urged his side to employ the same approach, pointing out that Afghanistan were susceptible to the short ball.“Go at them hard again, stick to your game plan, hit your line hard, make sure you get your field placing right,” Estwick said.“You’ve got to run in and bowl hard and stay aggressive all the way through because as you can see they are not very comfortable with the short ball but you’ve got to earn that right to bowl short as well.”Fast bowler Shannon Gabriel has been forced out of the contest after picking up a side strain in the second game, and has been replaced by Twenty20 specialist Kesrick Williams who was the leading bowler in the recent T20 series with eight wickets.However, it is the batting which West Indies will need to focus on heavily as not a single batsman has passed 50 in the series. Shai Hope, at number three, has been their most reliable player, top-scoring in both games with 35 and 48 not out.Jason Mohammad, so prolific against England and Pakistan earlier this year, has failed to fire with scores of two and seven while Test star Roston Chase, drafted in to the one-day unit, has struggled with scores of zero and nine.In contrast, Afghanistan have managed two half-centuries – one from opener Javed Ahmadi in the opening game and the other from Gulbadin Naib in the second.There was more bad news for the Windies yesterday with the latest ODI rankings showing the Caribbean side had dropped two points to 77 as a result of their loss in the first ODI, seeing them slip further behind in the race to qualify automatically for the 2019 World Cup in England.And even with a win today, the Jason Holder-led side will earn just a single ratings point, meaning they would have ended the series worse off than when they started.last_img read more