The effects of those leases boosted revenue at the company's turnkey segment by 31% to $1bn while the lease and operate segment saw an 18% rise to $234m, despite the decomissioning of two FPSOs, as first oil came from FPSO Cidade de Paraty and a production acceptance notice was received for Deep Panuke.
Last month an internal investigation into "improper sales practices" concluded, finding "some evidence" of bribery of African government officials. The matter is now in the hands of public authorities..
During the course of the quarter the company's debt increased to $3.8m from $3.4m as $400m in financing was secured for the Deep Panuke platform in Canada.
For Deep Panuke, an increased lease rate has been agreed to settle claims arising from delays at the project, putting an end to legal proceedings that were underway.
FPSO Brasil reached the end of production after 11 years of operation for Petrobras and decommissioning has begun. Along with FPSO Kuito, FPSO Brazil will likely be scrapped.
"Tendering activity has accelerated, but we remain conservative in our view of the speed of project awards," commented ceo Bruno Chabas. "The first module integration on Cidade de Illhabela at Brasa was a major milestone for the yard and testament to SBM's commitment to the facility and to local content in Brazil."
"Additionally, we are pleased with the delivery of the brownfield Kikeh extension project, the outcome of the Deep Panuke settlement, and the additional US$400m in new financing."
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
