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SBM Offshore N.V — M&A Activity 2007
Dec 10, 2007
3882_iss_2007-12-07_03fd0a45-4b3e-4e14-9d51-8bae93866e94.pdf
M&A Activity
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Press release - SBM Offshore N.V. 7 December 2007
SBM OFFSHORE BOOKS A NEW TURNKEY ORDER AND IS LINED UP FOR A LARGE FPSO
SBM Offshore N.V. is pleased to release the following news:
1. Turret for Skarv FPSO for BP Norge AS in Norway
A letter of award has been received from BP Norge AS for the turnkey supply of an internal turret. The turret will be delivered to Samsung Heavy Industries in Korea for integration into the FPSO hull.
The turret will be the largest in the world in terms of mooring loads. It will be of the well proven SBM bogie-wheel type design similar to that of the BP Schiehallion FPSO and other large units recently installed on Brazilian deepwater fields.
The delivery of the turret mooring system is scheduled for March 2010 at SHI shipyard in Korea.
The total value of this contract is in the range of US\$ 250 million.
2. P-57 FPSO
In August 2007, a tender was submitted to Petrobras for the turnkey supply of a large FPSO to be installed on the deepwater Jubarte field offshore the State of Espirito Santo in Brazil. The tender also included the requirement for the operation of the unit during the first three years following first oil.
This week, upon formal opening of tenders in Rio, Petrobras has declared SBM the lowest bidder. It is the intention of Petrobras to proceed with internal recommendations to commence contract discussions leading to a Letter of Intent during the course of January 2008. In principle it should lead to a contract during first quarter 2008.
The P-57 FPSO will be the largest ever made by SBM Offshore. The project schedule allows 35 months from receipt of Letter of Intent until Readiness for Installation offshore i.e. end of 2010.
The total portfolio value of this contract is in the range of US\$ 1.25 billion inclusive of the three years operating service.
The above projects will provide the Company with a solid turnkey backlog for 2008 and beyond. They will also compensate for the adverse effects of the high input costs on current projects and allow modest 2008 earnings growth to be targeted.
3. Financial Agenda
| Preliminary Results 2007 – Press Release & Conference Call | 29 January | 2008 |
|---|---|---|
| Final Results 2007 - Press Release | 11 March | 2008 |
| Final Results 2007 - Analysts Presentation (Amsterdam) | 12 March | 2008 |
| Annual Report 2007 | End April | 2008 |
| Annual General Meeting of Shareholders 2008 | 15 May | 2008 |
| Ex-dividend Date | 19 May | 2008 |
| Half-year Results 2008 - Press Release | 19 August | 2008 |
| Half-year Results 2008 - Analysts Presentation (Amsterdam) | 20 August | 2008 |
4. Corporate Profile
The Dutch public company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services.
The product line comprises:
- Offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semisubmersibles and Tension Leg Platforms (TLPs);
- Offshore oil and gas production services through the leasing of integrated production and storage facilities owned and operated by the Company;
- Design, construction and supply of semi-submersible drilling platforms;
- Special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialised work vessels;
- Offshore construction and installation contracting services.
The Board of Management Schiedam, 7 December 2007
For further information:
SBM Offshore N.V. Karel Doormanweg 66 3115 JD Schiedam
Post address:
P.O. Box 31 3100 AA Schiedam The Netherlands
Contact person: Mr. Sebastiaan de Ronde Bresser
| Telephone: | (+377) 92 05 85 15 |
|---|---|
| Mobile: | (+33) 672 214 360 |
| Fax: | (+377) 92 05 89 40 |
| E-mail: | [email protected] |
| Website: | www.sbmoffshore.com |
Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company's business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "may", "will", "should", "would be", "expects" or "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.