SBM Offshore Forecasts Annual Revenue of Over $2.9 Billion in 2023

Dutch oil and gas services firm SBM Offshore forecast on Thursday an annual revenue of above $2.9 billion for 2023, bringing its guidance for earnings before interest, taxes, depreciation, and amortization (EBITDA) to above $1 billion.

The group, which supplies and operates floating production, storage and offloading (FPSO) vessels, reported an EBITDA of $1.01 billion for 2022, roughly in line with the company-provided consensus of $1.00 billion, and improving from last year’s result of $0.93 billion.

The group recorded a one-off impairment of $92 million from the shutdown of FPSO Cidade de Anchieta, but the company said it did not affect its EBITDA.

FPSO Cidade de Anchieta resumed production in December after being in shutdown for inspection and repair for nearly a year.

SBM Offshore also proposed a dividend of $1.10 per share, a 10% increase from $1 it paid a year ago.

“We achieved record-level underlying EBITDA, driven by our strong backlog which also grew to a year-end record level following the award of FPSO ONE GUYANA,” Chief Executive Bruno Chabas said, adding that its performance allowed the company to continue increasing shareholder returns.

Although the pace of company’s construction activities has been impacted by logistics issues from the Ukraine war, lockdowns in China, and inflationary pressures — which increased costs — Chabas said “at a portfolio level, margins remain robust.”

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