SBM Offshore Q1 revenue lifted by Prosperity and Sepetiba vessel delivery (updated)

SBM Offshore NV

08/05/2024 07:15

(Recasts, adds details from quarterly statement)
       May 8 (Reuters) - Dutch oil and gas services firm SBM
Offshore  SBMO.AS  reported a 17% rise in first-quarter revenue
on Wednesday, led by delivery of its floating production,
storage and offloading vessels (FPSO) Prosperity and Sepetiba.
    The company, which leases, operates, builds and sells FPSO
vessels to produce and transport crude and gas, posted revenue
of $871 million for the first three months of 2024, compared
with $742 million a year earlier.
    "On the operational front, FPSO Prosperity has been
producing at capacity since January 2024 and FPSO Sepetiba
achieved flare out in April 2024," CEO Oivind Tangen said,
adding that the vessels have a joint production capacity of more
than 400,000 barrels of oil per day.
    SBM Offshore's directional lease-and-operate revenue climbed
22% to $554 million, partially offset by a shift to an operating
contract for the FPSO Liza Unity that was bought by Exxon Mobil
in November.
    "Directional reporting" assumes all leases are operating
leases and records as revenue payments made during the
construction phase prior to a lease's execution.
        The Company maintained its 2024 directional revenue
guidance at around $3.5 billion, of which it expects about $2.2
billion from the lease-and-operate segment and about $1.3
billion from its turnkey business, which builds FPSOs.
        
  

 (Reporting by Shivani Tanna in Bengaluru; Editing by Tom Hogue
and Sonali Paul)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))