November 9, 2023
Highlights
- FEED contracts awarded by ExxonMobil Guyana for Whiptail development project in Guyana
- FPSO Liza Unity purchase option exercised by ExxonMobil Guyana; sale to be completed in November 2023
- 2023 Directional1 EBITDA guidance increased from above US$1 billion to around US$1.3 billion
- 2023 Directional revenue guidance increased from above US$2.9 billion to around US$4.4 billion
- FPSO Prosperity, delivered on time in Guyana and preparing for first oil
- Successful installation of 3 floaters for the Provence Grand Large offshore wind project
Bruno Chabas, CEO of SBM Offshore, commented:
"We have delivered results this quarter in line with expectation. Given the exercise of the purchase option of FPSO Liza Unity by ExxonMobil Guyana, we have revised our revenue and EBITDA guidance upwards to reflect this.
We are pleased to have been awarded a further FEED contract in Guyana for an FPSO for the Whiptail development project. This project, subject to government approvals and final investment decision by ExxonMobil Guyana, will be the fifth for the Company in Guyana and is based on a new commercial model: the FPSO's ownership is expected to be transferred to the client at the end of the construction period. SBM Offshore is then expected to operate the FPSO using its innovative integrated operations and maintenance model. This combines SBM Offshore and ExxonMobil's expertise and experience, leveraging key learnings and the operational excellence of the units currently deployed in Guyana.
Year-to-date, the fleet performance stood at 99.3%, in line with historical trend.
On the execution front, FPSO Prosperity has been delivered on time and is preparing for first oil in Guyanese waters. FPSO Sepetiba is also on track to achieve first oil in December 2023. Together, these FPSOs are capable of producing an additional 400,000 barrels of oil per day.
Significant progress was also achieved in our New Energies platform: the floaters for the Provence Grand Large floating offshore wind project were successfully installed. This provides a tangible commercial reference for the Company's innovative tension leg mooring technology. Once commissioned, the 3 floaters will produce 25MW of clean energy, equivalent to the annual electricity consumption of 45,000 people."
Financial Overview2
YTD Directional | ||||
in US$ million | 3Q 2023 | 3Q 2022 | % Change | |
Revenue | 2,247 | 2,522 | -11% | |
Lease and Operate | 1,412 | 1,290 | 9% | |
Turnkey | 835 | 1,233 | -32% | |
in US$ billion | Sep-30-23 | Dec-31-22 |