Preliminary Results SBM Offshore 2008

abarrelfull wrote on 07 Jan 2014 14:15
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27 January 2009

New orders and variation orders in 2008 totalled US$ 4.34 billion of which US$ 1.44 billion relate to lease and operate activities and US$ 2.90 billion relate to turnkey supply and services orders. Total year-end order portfolio increased to US$ 9.24 billion (2007: US$ 7.95 billion).

At the end of 2008 the lease portfolio value amounted to US$ 6.28 billion (2007: US$ 5.65 billion) representing the non discounted lease revenues to be received under the eighteen long-term “lease and operate” contracts and four “operate only” contracts for oil and gas production facilities (2007:
twenty-two contracts and three contracts respectively). A total of fifteen (2007: seventeen) of the owned or part-owned units were in operation and three (2007: five) under construction.

The portfolio developed over the year as follows:

New orders and extensions:

• A one-year extension, until 23 November 2009, of the lease and operate contract for the FPSO Falcon from Esso Deepwater Limited, a subsidiary of Exxon Mobil;
• A lease and operate contract with Petrobras for the Company’s existing FPSO Capixaba for a period of 12 years at the Cachalote field offshore Brazil. Disconnection from the Golfinho field is planned for June 2009, followed by an upgrade of the unit in Singapore with first oil at the Cachalote field in February 2010.

Start of operations:

• In January, start of operation of the FPSO Mondo in the Kizomba ‘C’ field offshore Angola under the fifteen year lease contract with Exxon Mobil;
• In July, start of operation of the FPSO Saxi-Batuque in the Kizomba ‘C’ field offshore Angola under the fifteen year lease contract with Exxon Mobil;
• At the end of December, hook up of the FPSO Espirito Santo in the BC-10 field offshore Brazil under the fifteen year lease contract with Shell. The lease commenced on 1 January 2009.

End of lease contracts:

• In May, the FPSO Mystras, previously owned by FPSO Mystras Producao de Petroleo LTDA (FMPP), a 50% owned subsidiary of the Company, has been purchased by Agip Energy and Natural Resources (Nigeria) Ltd (AENR);
• In July, the FPSO Tantawan Explorer in Thailand has been purchased by Chevron Offshore Thailand Ltd at the end of the lease and operate contract;
• At the end of October, FPSO Rang Dong I in Vietnam has been redelivered to the Company by Japan Vietnam Petroleum Company Ltd (JVPC) at the end of the confirmed lease period including a short extension. The unit has been disconnected and decommissioned and is currently laid up;
• The FSO Okha has been redelivered to the Company by Sakhalin Energy Investment Company Ltd (SEIC) in December 2009, at the end of the lease period. The FSO will be converted into a FPSO as replacement of the Cossack Pioneer FPSO for Woodside Energy Limited.

• Preliminary Results SBM Offshore 2008

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