Annual Report 2010 - SBM Offshore

Period ending 31 December 2009
in thousands of US$
Lease and
Operate
Turnkey
Systems
Turnkey
Services
Other Eliminations
and
adjustments
Consolidated
REVENUES
Third party 815,995 1,909,679 230,871 - - 2,956,545
Inter-segment - 14,817 30,704 - (45,521) -
Total revenues 815,995 1,924,496 261,575 - (45,521) 2,956,545
Gross margin 195,344 187,255 69,735 - - 452,334
Other operating income 207 688 - 185 - 1,080
Selling and marketing (9,046) (38,924) (9,132) - - (57,102)
General and administrative (8,201) (36,330) (4,099) (31,442) - (80,072)
Research and development (3,473) (15,855) (3,473) - - (22,801)
EBIT 174,831 96,834 53,031 (31,257) - 293,439
Net financing costs (59,970)
Income tax expense (3,673)
Share of profit of associates 185
Profit 229,981
EBITDA
EBIT 174,831 96,834 53,031 (31,257) - 293,439
Depreciation and amortization and impairment 291,274 13,255 14,174 1,135 - 319,838
EBITDA 466,105 110,089 67,205 (30,122) - 613,277
OTHER SEGMENT INFORMATION
Impairment charges 32,428 - 7,670 - - 40,098
Capital expenditure 602,283 36,392 7,148 10,143 - 655,966
Non-current assets 2,861,495 222,888 56,377 141,330 - 3,282,090
Investments in associates - 46 - - - 46
In 2009, Petronas Carigali exercised its purchase
option over the MOPU and FSO facilities (MOPU/FSO
Oguzhan) that were operating in Turkmenistan. The
execution of the purchase option generated a nonrecurring
revenue of US$ 51.5 million, and a post-tax
gain of around US$ 32.4 million, included in the Turnkey
Systems segment. Cash flow resulting from this transaction
was included in the cash flow from operating
activities.
Financial Review / Financial Statements 2010
SBM Offshore – Annual Report 2010 129