{"id":6078,"date":"2024-05-08T07:00:15","date_gmt":"2024-05-08T07:00:15","guid":{"rendered":"https:\/\/sbm-offshore.preview.uk.com\/?p=6078"},"modified":"2025-03-03T09:43:50","modified_gmt":"2025-03-03T09:43:50","slug":"sbm-offshore-first-quarter-2024-trading-update","status":"publish","type":"post","link":"https:\/\/www.sbmoffshore.com\/newsroom\/sbm-offshore-first-quarter-2024-trading-update\/","title":{"rendered":"SBM Offshore First Quarter 2024 Trading Update"},"content":{"rendered":"<p style=\"font-weight: 400;\"><b>Highlights<\/b><\/p>\n<ul style=\"font-weight: 400;\">\n<li>Year-to-date Directional<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn1\" name=\"_ednref1\"><sup>[1]<\/sup><\/a><\/i>\u00a0revenue of US$871 million, in line with expectation<\/li>\n<li>Full year 2024 Directional revenue and Directional EBITDA guidance maintained<\/li>\n<li>Cash dividend of US$150 million (equivalent to\u00a0EUR0.7651 per ordinary share)\u00a0approved<\/li>\n<li>Share repurchase program of EUR65 million on track 20.7% completed<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn2\" name=\"_ednref2\">[2]<\/a><\/i><\/li>\n<li>FPSO\u00a0<em>Sepetiba<\/em>\u00a0producing and on hire; FPSO\u00a0<em>Prosperity\u00a0<\/em>at full production capacity<\/li>\n<li>FPSO\u00a0<em>Jaguar\u00a0<\/em>contract<em>\u00a0<\/em>award confirmed in April 2024, growing the backlog<\/li>\n<li>MoU with Technip Energies to create Floating Offshore Wind JV, EkWiL<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">\u00d8ivind Tangen, CEO of SBM Offshore, commented:<\/p>\n<p style=\"font-weight: 400;\">\u201cWe have delivered good results this quarter in line with expectations and we maintain our full year guidance.<\/p>\n<p style=\"font-weight: 400;\">We are pleased to have been awarded contracts in April for the construction and installation of ExxonMobil Guyana\u2019s FPSO\u00a0<em>Jaguar<\/em>\u00a0as part of the Whiptail development. This significant award is the fifth FPSO project for SBM Offshore in Guyana. It will be our first based on a sale and operate model, adding an accelerated cashflow profile for the project to our backlog.\u00a0Following transfer of ownership to the client at the end of the construction period, we expect to operate the FPSO under our 10-year Operations and Maintenance Enabling Agreement.<\/p>\n<p style=\"font-weight: 400;\">FPSO\u00a0<em>Jaguar<\/em>\u00a0will utilize our seventh\u00a0Fast4Ward<sup>\u00ae<\/sup>\u00a0MPF hull. We anticipate that our eighth hull, currently under construction, and the optionality that we have for a series of further hulls in a tight supply chain environment will position us favorably for tendering in a market with a positive outlook for cost and carbon efficient FPSOs.<\/p>\n<p style=\"font-weight: 400;\">On the operational front, FPSO\u00a0<em>Prosperity<\/em>\u00a0has been producing at capacity since January 2024 and FPSO\u00a0<em>Sepetiba<\/em>\u00a0achieved flare out in April 2024. Together, these FPSOs have a joint production capacity of more than 400,000 barrels of oil per day. The delivery of these vessels is testament to SBM Offshore\u2019s capability in delivering large and complex FPSO projects.<\/p>\n<p style=\"font-weight: 400;\">We continue to seek to apply our expertise in floating solutions across a number of alternative energy markets. Through our\u00a0Memorandum of Understanding (\u201cMoU\u201d) with Technip Energies to create a joint venture pure-play Floating Offshore Wind company, EkWiL, we are enhancing the sustainability of our ambitions to capture the potential of this emerging market.\u201d<\/p>\n<p style=\"font-weight: 400;\"><b>Financial Overview<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn3\" name=\"_ednref3\"><sup>[3]<\/sup><\/a><\/i><\/b><\/p>\n<table style=\"font-weight: 400;\" width=\"453\">\n<tbody>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"3\"><b><strong>YTD Directional<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><em>in US$ million<\/em><\/td>\n<td><\/td>\n<td><b><strong>1Q 2024<\/strong><\/b><\/td>\n<td><b><strong>1Q 2023<\/strong><\/b><\/td>\n<td><b><strong>% Change<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td><b><strong>Directional Revenue<\/strong><\/b><\/td>\n<td><\/td>\n<td><b><strong>871<\/strong><\/b><\/td>\n<td><b><strong>742<\/strong><\/b><\/td>\n<td><b><strong>17%<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td>Directional Lease &amp; Operate revenue<\/td>\n<td><\/td>\n<td>554<\/td>\n<td>453<\/td>\n<td>22%<\/td>\n<\/tr>\n<tr>\n<td>Directional Turnkey revenue<\/td>\n<td><\/td>\n<td>316<\/td>\n<td>290<\/td>\n<td>9%<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><em>in US$ billion<\/em><\/td>\n<td><\/td>\n<td><b><strong>Mar-31-24<\/strong><\/b><\/td>\n<td><b><strong>Dec-31-23<\/strong><\/b><\/td>\n<td><b><strong>% Change<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td>Directional net debt<\/td>\n<td><\/td>\n<td>6.8<\/td>\n<td>6.7<\/td>\n<td>3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-weight: 400;\">Directional revenue stood at US$871 million, a 17% increase compared with US$742 million for the same period in 2023. This 17% increase is mainly attributable to the Lease and Operate segment.<\/p>\n<p style=\"font-weight: 400;\">Directional Turnkey revenue increased by 9% to US$316 million compared with the same period in 2023. The increase was mainly driven by the FEED contract for FPSO\u00a0<em>Jaguar\u00a0<\/em>and support to the fleet through brownfield activities, partly offset by the fact that a comparatively lower amount of revenue was booked in the construction portfolio as the projects approach completion.<\/p>\n<p style=\"font-weight: 400;\">The year-to-date Directional Lease and Operate revenue increased to US$554 million, a 22% increase compared with 1Q 2023. This increase was mainly the result of (i) FPSO\u00a0<em>Prosperity<\/em>\u00a0and FPSO\u00a0<em>Sepetiba\u00a0<\/em>joining the fleet upon successful delivery in respectively 4Q 2023 and 1Q 2024, and (ii) an increase in reimbursable scope on the fleet. This was partially offset by the fact that we have moved to an operating contract for FPSO\u00a0<em>Liza Unity<\/em>\u00a0following the purchase by the client in 4Q 2023.<\/p>\n<p style=\"font-weight: 400;\">Directional net debt increased by US$187 million to US$6,842 million for the period ending 1Q 2024. The increase was driven by drawings under the project finance facilities, which reflects the continued investment in the construction program\u00a0of\u00a03\u00a0FPSOs<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn4\" name=\"_ednref4\">[4]<\/a><\/i>. The Company uses interest rate swaps to hedge interest rate risk. The hedge ratio of the floating-rate debt and the associated interest rate swaps is above 90%.<\/p>\n<p style=\"font-weight: 400;\"><b>Project Review\u00a0and Fleet Operational Update<\/b><\/p>\n<p style=\"font-weight: 400;\">FPSO<em>\u00a0Almirante Tamandar\u00e9 \u2013\u00a0<\/em>The topside modules lifting campaign has been completed. Integration and commissioning activities are progressing in line with plan. The FPSO delivery continues to be on track for 2024 and the client is expecting first oil from the field in early 2025.<\/p>\n<p style=\"font-weight: 400;\">FPSO<em>\u00a0Alexandre de Gusm\u00e3o \u2013\u00a0<\/em>The topside modules lifting campaign is reaching completion. Integration and commissioning activities are progressing in line with the plan. First oil is expected in 2025.<\/p>\n<p style=\"font-weight: 400;\">FPSO<em>\u00a0ONE GUYANA \u2013\u00a0<\/em>The topside fabrication and module lifting campaign are progressing in line with plan. Integration and commissioning activities have started. The project has achieved 20 million work hours without an LTI<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn5\" name=\"_ednref5\">[5]<\/a><\/i>\u00a0at the end of 1Q 2024. First oil is expected in 2025.<\/p>\n<p style=\"font-weight: 400;\">FPSO<em>\u00a0Jaguar \u2013\u00a0<\/em>The construction of the Fast4Ward<sup>\u00ae<\/sup>\u00a0MPF hull is progressing as per plan. The FPSO engineering and procurement activities are well under way. First oil is expected in 2027.<\/p>\n<p style=\"font-weight: 400;\">Fast4Ward<sup>\u00ae<\/sup>\u00a0MPF hulls \u2013 The total number of MPF hulls ordered to date under the Company\u2019s Fast4Ward<sup>\u00ae<\/sup>\u00a0program stands at eight, with 3 Fast4Ward<sup>\u00ae\u00a0<\/sup>based vessels now in operation, 4 hulls allocated to projects in construction\u00a0and one reserved as part of tendering activities.<\/p>\n<p style=\"font-weight: 400;\"><em>Fleet Uptime\u00a0<\/em>\u2013 Year-to-date, the fleet\u2019s uptime was 97.6%, in line with historical performance.<\/p>\n<p style=\"font-weight: 400;\"><b>Safety and Sustainability<\/b><\/p>\n<p style=\"font-weight: 400;\"><em>Safety<\/em>\u00a0\u2013 The Company\u2019s Total Recordable Injury Frequency Rate (TRIFR) year-to-date was\u00a00.07, in line with the full year 2024 target of below 0.12<i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_edn6\" name=\"_ednref6\">[6]<\/a><\/i>.<\/p>\n<p style=\"font-weight: 400;\"><em>Responsible recycling<\/em>\u00a0\u2013<em>\u00a0<\/em>On April 1, 2024, the FPSO\u00a0<em>Capixaba<\/em>\u00a0successfully departed from the Jubarte field in Brazil, and began the transit journey towards the responsible recycling yard in Denmark.<\/p>\n<p style=\"font-weight: 400;\"><b>Alternative Energies<\/b><\/p>\n<p style=\"font-weight: 400;\"><em>EkWiL<\/em>\u00a0\u2013 SBM Offshore and Technip Energies have announced the signing of a MoU for the creation of a joint venture entity, EkWiL. The new company will be a Floating Offshore Wind pure player, capable of proposing a wide range of solutions to clients. The joint venture is expected to be launched in the second half of 2024. EkWiL will combine the people expertise, engineering and delivery capabilities, and complementary technologies of Technip Energies and SBM Offshore, creating integrated floating solutions and leading delivery offerings for the Floating Offshore Wind market. This unique positioning will enhance execution certainty and cost competitiveness for these innovative projects.<\/p>\n<p style=\"font-weight: 400;\"><b>Cash Return<\/b><\/p>\n<p style=\"font-weight: 400;\">On April 12, 2024 shareholders of the Company voted in favor of the proposed US$150 million cash dividend component of our aggregate US$220 million cash return. This results in a dividend distribution of EUR0.7651 per ordinary share. The dividend payment is scheduled for May 10, 2024 to all shareholders of record as at April 17, 2024.<\/p>\n<p style=\"font-weight: 400;\">The EUR65 million share buyback component of our aggregate cash return is progressing and was 20.7% complete on April 30, 2024.<\/p>\n<p style=\"font-weight: 400;\"><b>Guidance<\/b><\/p>\n<p style=\"font-weight: 400;\">The Company\u2019s 2024 Directional revenue guidance is maintained at around US$3.5 billion of which around US$2.2 billion is expected from the Lease and Operate segment and around US$1.3 billion from the Turnkey segment.<\/p>\n<p style=\"font-weight: 400;\">2024 Directional EBITDA guidance is maintained around US$1.2 billion for the Company.<\/p>\n<p style=\"font-weight: 400;\"><b>Conference Call<\/b><\/p>\n<p style=\"font-weight: 400;\">SBM Offshore has scheduled a conference call, which will be followed by a Q&amp;A session, to discuss the First Quarter 2024 Trading Update.<\/p>\n<p style=\"font-weight: 400;\">The event is scheduled for Wednesday May 8, 2024,<sup>\u00a0<\/sup>at 10.00 AM (CEST) and will be hosted by \u00d8ivind Tangen (CEO) and Douglas Wood (CFO).<\/p>\n<p style=\"font-weight: 400;\">Interested parties are invited to register\u00a0<u>prior to the call<\/u>\u00a0using the link:\u00a0<i><a href=\"https:\/\/event.loopup.com\/SelfRegistration\/registration.aspx?booking=0NXjf1phVRGXCuUidTziFhNxjePGTKIDBavqaCtLlJ8=&amp;b=528f7d33-d6cf-439e-b143-56d7da6b8e57\"><em>First Quarter 2024\u00a0Trading Update<\/em><\/a><\/i><\/p>\n<p style=\"font-weight: 400;\"><b><strong>Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.<\/strong><\/b><\/p>\n<p style=\"font-weight: 400;\"><b>Corporate Profile<\/b><\/p>\n<p style=\"font-weight: 400;\">SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources.<\/p>\n<p style=\"font-weight: 400;\">More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.<\/p>\n<p style=\"font-weight: 400;\">For further information, please visit our website at\u00a0<i><a href=\"http:\/\/www.sbmoffshore.com\/\">www.sbmoffshore.com<\/a><\/i>.<\/p>\n<table style=\"font-weight: 400;\" width=\"668\">\n<tbody>\n<tr>\n<td><b><strong>Financial Calendar<\/strong><\/b><\/td>\n<td><b><strong>\u00a0<\/strong><\/b><\/td>\n<td><b><strong>Date<\/strong><\/b><\/td>\n<td><b><strong>Year<\/strong><\/b><\/td>\n<\/tr>\n<tr>\n<td>Half Year 2024 Earnings<\/td>\n<td><\/td>\n<td>August 8<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td>Third Quarter 2024 Trading Update<\/td>\n<td><\/td>\n<td>November 14<\/td>\n<td>2024<\/td>\n<\/tr>\n<tr>\n<td>Full Year 2024 Earnings<\/td>\n<td><\/td>\n<td>February 20<\/td>\n<td>2025<\/td>\n<\/tr>\n<tr>\n<td>Annual General Meeting<\/td>\n<td><\/td>\n<td>April 9<\/td>\n<td>2025<\/td>\n<\/tr>\n<tr>\n<td>First Quarter 2025 Trading Update<\/td>\n<td><\/td>\n<td>May 15<\/td>\n<td>2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-weight: 400;\">For further information, please contact:<\/p>\n<p style=\"font-weight: 400;\"><b>Investor Relations<\/b><\/p>\n<p style=\"font-weight: 400;\">Wouter Holties<\/p>\n<p style=\"font-weight: 400;\">Corporate Finance &amp; Investor Relations Manager<\/p>\n<table style=\"font-weight: 400;\">\n<tbody>\n<tr>\n<td>Mobile:<\/td>\n<td>+31 (0) 6 23 34 37 64<\/td>\n<\/tr>\n<tr>\n<td>E-mail:<\/td>\n<td><i><a href=\"mailto:wouter.holties@sbmoffshore.com\">wouter.holties@sbmoffshore.com<\/a><\/i><\/td>\n<\/tr>\n<tr>\n<td>Website:<\/td>\n<td><i><a href=\"http:\/\/www.sbmoffshore.com\/\">www.sbmoffshore.com<\/a><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-weight: 400;\"><b>Media Relations<\/b><\/p>\n<p style=\"font-weight: 400;\">Evelyn Tachau Brown<\/p>\n<p style=\"font-weight: 400;\">Group Communications &amp; Change Director<\/p>\n<table style=\"font-weight: 400;\">\n<tbody>\n<tr>\n<td>Mobile:<\/td>\n<td>+377 (0) 6 40 62 30 34<\/td>\n<\/tr>\n<tr>\n<td>E-mail:<\/td>\n<td><i><a href=\"mailto:evelyn.tachau-brown@sbmoffshore.com\">evelyn.tachau-brown@sbmoffshore.com<\/a><\/i><\/td>\n<\/tr>\n<tr>\n<td>Website:<\/td>\n<td><i><a href=\"http:\/\/www.sbmoffshore.com\/\">www.sbmoffshore.com<\/a><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-weight: 400;\"><u>Market Abuse Regulation<\/u><\/p>\n<p style=\"font-weight: 400;\">This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.<\/p>\n<p style=\"font-weight: 400;\"><u>Disclaimer<\/u><\/p>\n<p style=\"font-weight: 400;\">Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management\u2019s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as \u2018expect\u2019, \u2018should\u2019, \u2018could\u2019, \u2018shall\u2019 and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the \u2018Impact, Risk and Opportunity Management\u2019 section of the 2023 Annual Report.<\/p>\n<p style=\"font-weight: 400;\">Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company\u2019s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.<\/p>\n<p style=\"font-weight: 400;\">Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release \u201cSBM Offshore\u201d and \u201cSBM\u201d are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.<\/p>\n<p style=\"font-weight: 400;\">&#8220;SBM Offshore<sup>\u00ae<\/sup>&#8220;, the SBM logomark, \u201cFast4Ward<sup>\u00ae<\/sup>\u201d, \u201cemissionZERO<sup>\u00ae<\/sup>\u201d and \u201cFloat4Wind<sup>\u00ae<\/sup>\u201d are proprietary marks owned by SBM Offshore.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref1\" name=\"_edn1\">[1]<\/a><\/i>\u00a0Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref2\" name=\"_edn2\">[2]<\/a><\/i>\u00a0Based on cumulative repurchase amount of EUR13.4 million on April 30, 2024.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref3\" name=\"_edn3\">[3]<\/a><\/i>\u00a0Numbers may not add up due to rounding.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref4\" name=\"_edn4\">[4]<\/a><\/i>\u00a0Excluding FPSO\u00a0<em>Jaguar<\/em>, which was awarded on April 12, 2024.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref5\" name=\"_edn5\"><sup>[5]<\/sup><\/a><\/i>\u00a0Lost Time Incident.<\/p>\n<p><i><a href=\"https:\/\/www.sbmoffshore.com\/newsroom\/press-releases\/2024\/08-05-2024\/sbm-offshore-first-quarter-2024-trading-update#_ednref6\" name=\"_edn6\"><sup>[6]<\/sup><\/a><\/i><sup>\u00a0<\/sup>Measured per 200,000 work hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Year-to-date Directional[1]\u00a0revenue of US$871 million, in line with expectation Full year 2024 Directional revenue and Directional EBITDA guidance maintained Cash dividend of US$150 million (equivalent to\u00a0EUR0.7651 per ordinary share)\u00a0approved Share repurchase program of EUR65 million on track 20.7% completed[2] FPSO\u00a0Sepetiba\u00a0producing and on hire; FPSO\u00a0Prosperity\u00a0at full production capacity FPSO\u00a0Jaguar\u00a0contract\u00a0award confirmed in April 2024, growing the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6078","post","type-post","status-publish","format-standard","hentry","category-corporate","content-type-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SBM Offshore First Quarter 2024 Trading Update - SBM Offshore<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sbmoffshore.com\/newsroom\/sbm-offshore-first-quarter-2024-trading-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBM Offshore First Quarter 2024 Trading Update - SBM Offshore\" \/>\n<meta property=\"og:description\" content=\"Highlights Year-to-date Directional[1]\u00a0revenue of US$871 million, in line with expectation Full year 2024 Directional revenue and Directional EBITDA guidance maintained Cash dividend of US$150 million (equivalent to\u00a0EUR0.7651 per ordinary share)\u00a0approved Share repurchase program of EUR65 million on track 20.7% completed[2] FPSO\u00a0Sepetiba\u00a0producing and on hire; 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