SBM Offshore’s turnkey business drives jump in quarterly revenue

 SBM Offshore’s turnkey business drives jump in quarterly revenue


May 12 (Reuters) – Oil and gas services group SBM Offshore (SBMO.AS) on Thursday reported an 89% jump in revenue in the first quarter, as the Dutch company benefited from the sale of stakes in both floating storage and production offloading (FPSO). ) ships.

SBM’s turnkey business, which builds and sells floating production and storage containers to oil and gas companies, saw its revenue grow 269% to $ 565 million in the quarter, driven by higher contribution from the divestment of 45% interest in FPSOs Alexandre de Gusmão and Almirante Tamandaré.

Chief Executive Bruno Chabas said the group continues to adjust to the effects of the COVID-19 pandemic and the increased pressure on the global supply chain as a result of the conflict between Russia and Ukraine.

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A global rush to get more oil and gas after Russia’s invasion of Ukraine has transformed energy markets and created supply bottlenecks.

The company posted revenue of $ 970 million in the first three months of 2022, compared to $ 513 million last year.

The group also confirmed full -year guidance for earnings before interest, taxes, depreciation and amortization (EBITDA) of nearly $ 900 million and revenues in excess of $ 3.1 billion.

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Reporting by Anait Miridzhanian and Elena Vardon; edited by Milla Nissi

Our Standards: The Thomson Reuters Trust Principles.



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