Turnover remained steady at SBM Offshore for the first quarter of 2011 at US$683 million, around five percent below the same period in 2010.
Operating margins in the first quarter were in line with or ahead of plan except in the turnkey services segment where SBM said a slow start to the year in offshore contracting activities would be more than compensated by a higher utilisation rate of two vessels in the remainder of the year.
Cumulative order intake for the first three months amounted to US$440 million. The order portfolio at March 31 totalled US$11.3 billion of which approximately US$2.1 billion will be recognised as turnover in 2011.
"Since the beginning of the year we have received two major orders, the first for the supply of an FPSO to OSX in Brazil and the second for a twelve year lease relocation project of the existing FPSO 'Xikomba' for ENI in Angola," said Tony Mace, CEO of SBM Offshore. "This order intake fits nicely with the company's strategy to obtain a good mix between lease and supply projects and ensures relocation of one of the company's existing FPSOs. Demand for our products remains high and there are reasonable opportunities to obtain further orders this year."
The company said it expects turnover for the full year 2011 to be roughly equivalent to that of 2010.
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