SBM Offshore up on record high 2023 results,2024 outlook beat

SBM Offshore NV

29/02/2024 09:13

** Shares in SBM Offshore  SBMO.AS  are up 2.2%, after the
Dutch oil and gas services provider posted 2024 revenue outlook
above market forecasts, record high profits in 2023
    ** The Amsterdam-based group posted directional revenue in
2023 rising 38% to $4.53 billion, driven by turnkey supply
contracts,after-sales
    ** It also reported a record-high directional EBITDA of $1.3
billion for the year, representing a 31% increase, in line with
guidance
    ** SBM offshore forecasts a directional revenue of $3.5
billion for 2024, above the $3.16 billion seen in a
company-compiled consensus
    ** ING analyst Quirijn Mulder says investors are likely to
focus on good results, cash flow from the fleet, outlook, and
ongoing demand for large floating production, storage and
offloading (FPSOs) vessels in deep water
    ** "The outlook looks reasonable at $1.2bn EBITDA on the
back of two new FPSOs in the fleet and consensus is at $1160m a
little bit at the low end," Mulder adds 
    ** Degroof Petercam reiterates its "buy" rating, saying
SBM's strong operating performance and 2024 guidance indicate it
can "continue to generate very healthy EBITDA"


 (Reporting by Stéphanie Hamel)
 ((stephanie.hamel@thomsonreuters.com))