SBM Offshore Shares Rise on Guidance Lift

Dow Jones11-14 18:53

By Christian Moess Laursen

Shares in SBM Offshore rose after the Dutch energy-industry provider sharply increased its revenue and earnings guidance for the year.

Shares were up 4.2% at 17.99 euros in midday trading in Europe.

The provider to the offshore oil-and-gas industry on Thursday raised its 2024 guidance for earnings before interest, taxes, depreciation and amortization to around $1.9 billion from $1.3 billion, while lifting its revenue target to above $6.0 billion from above $3.8 billion, previously.

The company, which specializes in floating production, storage and offloading, or FSPO, vessels, said the increased expectations is driven by the sales of two FSPO vessels to Exxon Mobil, with one completed last week, and the other expected to complete toward the end of the year.

In a separate release on Thursday, SBM Offshore said it has received a new contract by TotalEnergies to build and install an FSPO for the French energy giant' Suriname project Gran Morgu.

The vessel, with a capacity of around 220,000 oil-equivalent barrels, will be delivered in partnership with Technip Energies.

SBM Offshore didn't provide financial details. According to Technip's statement, the contract represents more than 1 billion euros ($1.06 billion) of revenue.

TotalEnergies expects the project to start oil production in 2028.

For the third quarter, the company logged a directional revenue of $2.84 billion, up 26% on the year-ago period. The metric is non-reporting standard top-line figure, preferred by the company.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

November 14, 2024 05:53 ET (10:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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