SBM Offshore is pleased to announce that it has completed the sale and lease back of its Monaco real estate portfolio. The last of the three buildings was sold for approximately US$62 million net of expenses, resulting in a book profit of approximately US$58 million.
On December 17, 2013 the Company reported the sale and lease back transactions for two of the three buildings with sales proceeds exceeding US$100 million and resulting in a book profit of approximately US$30 million.
Today’s announcement concludes the sale and lease back of SBM Offshore’s approximately 10,000 square metre portfolio of Monaco real estate. As a result, the Company will pay a market conforming rent for office space of this size and quality. Total proceeds net of expenses resulting from the transactions are in excess of US$162 million with a total book profit of approximately US$88 million.
SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group (“the Company”).
SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation, and has unrivalled operational experience in this field. The Company’s main activities are the design, supply, installation, operation and the life extension of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.
Group companies employ over 10,983 people worldwide, who are spread over five execution centres, eleven operational shore bases, the joint ventures with several construction yards and the offshore fleet of vessels. Please visit our website at www.sbmoffshore.com.
The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication “SBM Offshore” is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.
The Management Board
Schiedam, August 29, 2014
For further information, please contact:
Nicolas D. Robert
Head of Investor Relations
|Telephone:||+377 92 05 18 98|
|Mobile:||+33 (0) 6 40 62 44 79|
|E-mail:||nicolas [dot] robert [at] sbmoffshore [dot] com|
Group Communications Director
|Telephone:||+377 92 05 30 83|
|Mobile:||+33 (0) 6 80 86 36 91|
|E-mail:||anne [dot] guerin-moens [at] sbmoffshore [dot] com|
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’s 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. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV 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 subsequent events or circumstances.