AI assistant
SBM Offshore N.V — M&A Activity 2010
Oct 22, 2010
3882_iss_2010-10-22_015b47d8-e47b-44b3-bfca-01da80233dc4.pdf
M&A Activity
Open in viewerOpens in your device viewer
Press release - SBM Offshore N.V. 22 October 2010
DSME SIGN AGREEMENT TO TAKE A SHARE IN THE PAENAL YARD JOINT VENTURE WITH SONANGOL AND SBM OFFSHORE IN ANGOLA
1. Paenal Joint Venture in Angola
The current joint venture partners (Sonangol and SBM Offshore) of Paenal Yard in Porto Amboim, Angola and Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea have signed an agreement in which DSME will acquire a 30% share in the Paenal Joint Venture. Effective shareholdings after the transaction will be Sonangol 40%, SBM Offshore 30% and DSME 30%.
The Paenal yard was created in 2007 by Sonangol and SBM Offshore to provide fabrication facilities for topsides modules and FPSO integration in Angola for the oil and gas industry. Phase I, which consisted of investment in fabrication facilities, a limited quayside and training of personnel, has been completed.
DSME has also signed a letter of agreement with Paenal Joint Venture to perform module and associated FPSO construction and integration works at the Paenal yard for the CLOV FPSO for Total. This contract will enable the start of phase II of the yard development which foresees investment in completion of the quayside to allow berthing of FPSOs, a heavy lift crane to lift modules on to the FPSO and additional module fabrication facilities as well as training of personnel. With the completion of phase II, the yard will be fully ready for FPSO topsides process modules fabrication and integration.
The association with DSME will facilitate the Paenal Joint Venture's investment capacity for phase II as well as further improve the production and construction expertise of the yard.
Jose Benge, Chairman of Paenal stated: "We are very pleased to welcome DSME as a new partner in the Paenal Joint Venture and believe their construction expertise will strengthen the yard capabilities which will enable an increasing volume of oil and gas project work to be performed in Angola".
2. Financial Agenda
| Trading Update Q3 2010 - Press Release (07.30 CET) | 10 November | 2010 |
|---|---|---|
| Full-year Results 2010 - Press Release (07.30 CET) | 4 March | 2011 |
| Full-year Results 2010 - Analysts Presentation (Amsterdam) | 4 March | 2011 |
| Publication Annual Report and agenda Annual General Meeting of Shareholders | 25 March | 2011 |
| Annual General Meeting of Shareholders (Rotterdam) | 05 May | 2011 |
| Trading Update Q1 2011 - Press Release (07.30 CET) | 05 May | 2011 |
| Half-year Results 2011 - Press Release (07.30 CET) | 18 August | 2011 |
| Half-year Results 2011 - Analysts Presentation (Amsterdam) | 18 August | 2011 |
| Trading Update Q3 2011 - Press Release (07.30 CET) | 17 November | 2011 |
3. 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, semi-submersibles 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, 22 October 2010
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) 643 919 312 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 forwardlooking 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.