SBM Offshore gains on FY guidance upgrade, 'strong' Q3 revenues

SBM Offshore NV

14/11/2024 09:44

** Shares in SBM Offshore  SBMO.AS  rise around 5% after the
Dutch oil and gas services provider raised its full-year
guidance and reported higher-than-expected Q3 revenues
    ** It now sees 2024 revenue above $6 billion vs $3.8 billion
seen previously and EBITDA around $1.9 billion, up from $1.3
billion previously; upgrade comes after deal with Exxon for Liza
Prosperity and the expected one for Liza Destiny
    ** "Significant EBITDA uplift and backlog boost should be a
positive for the company," Barclays says
    ** Degroof Petercam notes the strong Q3 performance, with Q3
revenues rising 32% to $997 million, above consensus estimate of
$961 million
    ** ING ("buy"), which has co on its Benelux favourites list,
says co has again delivered good results, noting a revenue beat
for Turnkey and Lease and Operate (L&O) divisions
    ** The broker sees possible partnership between
TotalEnergies and the Dutch company thanks to the Sale and
Operate mode after contract award in Suriname
    ** Shares are on track for best day in three months, if
gains hold

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))