SBM Offshore said today its first-quarter 2021 financial results were as expected while its operating performance was strong and major projects under construction progressing as expected.

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Quarterly directional revenue was US$536 million, 12% less than the same quarter in 2020.

Net debt of $4.3 billion was 5% less than this time last year, while pro-forma backlog and cashflow visibility extends until 2050.

The company said it maintained its full-year 2021 revenues and EBITDA guidance.

Directional revenue in 2021 is forecast at US$2.6 billion, while directional EBITDA guidance is US$900 million.

Chief executive Bruno Chabas said the first quarter results were in line with expectation and the company maintained its guidance for the full year despite the continuing challenging environment due to the pandemic.

"Our core business is going through a significant growth phase with four major FPSO projects under construction. World-class deep water projects continue to rank among the most attractive investments available to our clients."

"We believe that SBM Offshore has a significant role to play in satisfying the world’s future energy demand using our experience and technology both to offer low emission production solutions and new solutions for the energy transition."

Quarterly highlights included fleet uptime of 98.6% despite continued challenges brought by the pandemic, and being awarded a letter of intent for the FPSO Almirante Tamandare - the fourth Fast4Ward hull.

In terms of the delivery of its four major FPSO projects - FPSO Liza Destiny, FPSO Liza Unity, FPSO Sepetiba and FPSO Prosperity - SBM said construction activities continue to face challenges related to the pandemic, but "the ultimate delivery of major projects is not considered at risk, based on currently known circumstances".