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SBM H1 earnings climb to $647M on ramp-up in turnkey business

SBM Offshore N.V. on Aug. 9 reported first-half EBITDA of $647 million, or $1.54 per share, up 50% from $431 million, or 29 cents per share, in the 2017 period.

Revenue for the first half of $808 million was down 3% from $835 million during the same period in 2017, as lease and operate revenue slipped from $745 million to $654 million, and turnkey revenue climbed from $90 million in 2017 to $154 million in the half ended June 30.

At the end of June, the company had directional cash and undrawn committed credit facilities totaling $1.84 billion compared to $1.88 billion at year-end 2017.