(RTTNews) - SBM Offshore N.V. (SBFFY.PK), a Dutch provider of offshore energy solutions, reported Thursday that its first-half profit attributable to Shareholders, on IFRS basis, declined 35 percent to $116 million from last year's $179 million.
Earnings per share were $0.64, down 35 percent from $0.99 a year ago.
Directional net profit stood at $128 million or $0.71 per share, up 258 percent from $36 million or $0.20 per share in the year-ago period.
EBITDA fell 10 percent from last year to $533 million, while Directional EBITDA climbed 36 percent to $620 million.
Revenue for the first half declined 9 percent to $2.22 billion from $2.45 billion a year ago. Directional revenue stood at $1.84 billion, a 23 percent increase from the prior year.
Looking ahead for fiscal 2024, the company lifted its Directional EBITDA guidance to around $1.3 billion from earlier expected around $1.2 billion.
Directional revenue guidance is increased to above $3.8 billion from around $3.5 billion expected earlier. The company projects around $2.4 billion from the Lease and Operate segment and above $1.4 billion from the Turnkey segment.
SBM Offshore further announced that it will launch an additional 65 million euros or around $71 million share repurchase effective from August 8. The share repurchase program is expected to be completed by end of April 2025.
Separately, the company announced the signing of a 20-year lease & operate contract with Mexico's Woodside Petróleo Operaciones de México for a Floating Storage and Offloading or FSO to support the Trion field development in Mexico.
Under the deal, SBM Offshore will construct and thereafter lease to Woodside an FSO unit for a period of 20 years.
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