May 14, 2020 / 5:49 AM / 20 days ago

BRIEF-SBM Offshore Q1 Revenue In Line With Expectations At $607 Mln

May 14 (Reuters) - SBM OFFSHORE NV:

* FIRST QUARTER TRADING UPDATE

* RESPONDING TO COVID-19 CHALLENGES TO SAFEGUARD HEALTH AND SAFETY OF STAFF AND PROTECT OUR ASSETS

* ENSURING CONTINUOUS OPERATION OF PROJECTS AND FLEET (UPTIME OF 99.3%) IN CURRENT ENVIRONMENT

* COST REDUCTION TO MITIGATE COVID-19 IMPACTS AND ADAPT TO MARKET CIRCUMSTANCES

* YEAR-TO-DATE DIRECTIONAL REVENUE OF US$607 MILLION, IN LINE WITH EXPECTATION

* US$150 MILLION DIVIDEND PAID AND EUR 150 MILLION 2020 SHARE REPURCHASE PROGRAM COMPLETED

* 2020 DIRECTIONAL REVENUE GUIDANCE ADJUSTED FROM “ABOVE” TO “AROUND” US$2.3 BILLION

* 2020 DIRECTIONAL EBITDA GUIDANCE MAINTAINED AT AROUND US$900 MILLION

* LEASE AND OPERATE DIVISION, OUR GLOBAL TASK FORCE IMPLEMENTED PROTOCOLS COVERING ALL RELEVANT SCENARIOS TO MANAGE BUSINESS CONTINUITY THROUGH AN EXTENDED PERIOD OF COVID-19 IMPACT

* SBM OFFSHORE’S FLEET UPTIME DURING Q1 OF 2020 WAS 99.3%, IN LINE WITH FLEET’S LIFETIME HISTORICAL AVERAGE

* AGGREGATE STAFF AND CONTRACTOR WORKFORCE HAS BEEN REDUCED BY C. 300 POSITIONS

* OIL AND GAS COMPANIES HAVE RESPONDED TO LOW OIL PRICE ENVIRONMENT BY DELAYING AND REDUCING INVESTMENTS - CEO

* OUTLOOK FOR NUMBER AND TIMING OF NEW PROJECTS COMING TO MARKET REMAINS UNCERTAIN

* ALTHOUGH MARKET CONDITIONS HAVE WORSENED ACROSS BOARD, LARGE CAPACITY OFFSHORE DEVELOPMENTS WILL ATTRACT FUNDING IN FUTURE -CEO

* SBM OFFSHORE’S US$20.7 BILLION DIRECTIONAL BACKLOG UNIQUELY POSITIONS COMPANY IN NAVIGATING CURRENT CHALLENGES AND FUTURE UNCERTAINTIES

* UNDERPINNED BY “IN HAND” ACTIVITIES FROM BACKLOG, 2020 DIRECTIONAL EBITDA GUIDANCE IS MAINTAINED AT AROUND US$900 MILLION

* 2020 DIRECTIONAL REVENUE GUIDANCE IS ADJUSTED FROM “ABOVE” TO “AROUND” US$2.3 BILLION OF REVENUES

* EBITDA AND REVENUE GUIDANCE CONSIDERS CURRENTLY FORESEEN COVID-19 IMPACTS ON PROJECTS AND FLEET OPERATIONS

* COMPARED WITH YEAR-END 2019, NET DEBT AS AT END OF Q1 INCREASED BY C. US$200 MILLION TO US$3.7 BILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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