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    6269   JP3888250002

MODEC, INC.

(6269)
  Report
End-of-day quote. End-of-day quote Japan Exchange - 08/04
1703 JPY   -11.12%
08/042021 HALF-YEAR FINANCIAL RESULTS ANALYSTS PRESENTATION[PDF : 1986.0kb]
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08/03MODEC : 2021 Half-Year Financial Results
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08/03MODEC : 2021 Half-Year Financial Results[PDF:133.1KB]
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SBM Offshore revenues hit by weak turnkey business

05/12/2021 | 06:27am EDT

(Reuters) - SBM Offshore reported a 15% drop in first-quarter revenues as its turnkey business continued to suffer from tough energy markets, sending it shares as much as 4.6% lower on Wednesday.

The Dutch-based company's turnkey division builds and sells floating production and storage vessels to oil and gas firms and so is highly sensitive to their investment plans.

These customers slashed spending last year as oil demand plunged in the pandemic, but a recovery in energy prices has since buoyed their earnings.

"We believe SBM's trading update was reasonable, albeit revenues ended (...) lower than we could expect based on its 2021 guidance of $2.6 billion," ING analyst Quirijn Mulder said in a note to clients.

SBM pointed to four floating production storage and offloading (FPSO) units under construction, saying they would contribute to earnings in future as the vessels commence production.

"Despite the continuing challenging environment due to the pandemic, our operating performance was strong and our major projects under construction are progressing as expected," Chief Executive Bruno Chabas said in a statement.

First-quarter revenues came in at $513 million, against $607 million a year earlier, including a 24% drop in the turnkey business and a 12% decline in the lease and operate division, which runs and leases vessels later sold to customers after an initial lease period and relies on multi-year contracts.

For the full year, SBM expects the lease and operate business to generate around $1.6 billion in revenues and turnkey operations to bring in about $1 billion.

"The outlook for this niche within the oil services industry is excellent with high likelihood of more contracts arriving," Mulder said, adding the deep water projects that SBM works on offer good prospects for high returns for oil companies.

(Reporting by Juliette Portala. Editing by Mark Potter)

By Juliette Portala


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA 0.42% 178.04 Real-time Quote.22.19%
LONDON BRENT OIL 0.58% 70.76 Delayed Quote.39.85%
MODEC, INC. -11.12% 1703 End-of-day quote.-9.08%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -2.12% 26.28 End-of-day quote.-7.27%
SANTOS LIMITED 0.62% 6.46 End-of-day quote.3.03%
SBM HOLDINGS LTD 0.00% 4.53 End-of-day quote.25.83%
SBM OFFSHORE N.V 8.65% 13.52 Real-time Quote.-20.11%
SOCIÉTÉ GÉNÉRALE -0.24% 27.135 Real-time Quote.59.82%
TOTALENERGIES SE 0.61% 37.855 Real-time Quote.6.49%
WTI 0.60% 68.563 Delayed Quote.46.07%
All news about MODEC, INC.
08/042021 HALF-YEAR FINANCIAL RESULTS ANA : 1986.0kb]
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08/03MODEC : 2021 Half-Year Financial Results
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08/03MODEC : 2021 Half-Year Financial Results[PDF:133.1KB]
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More news
Financials
Sales 2021 403 B 3 677 M 3 677 M
Net income 2021 7 313 M 66,7 M 66,7 M
Net Debt 2021 37 728 M 344 M 344 M
P/E ratio 2021 13,1x
Yield 2021 2,06%
Capitalization 94 464 M 862 M 862 M
EV / Sales 2021 0,33x
EV / Sales 2022 0,34x
Nbr of Employees 4 781
Free-Float 34,1%
Chart MODEC, INC.
Duration : Period :
MODEC, Inc. Technical Analysis Chart | 6269 | JP3888250002 | MarketScreener
Technical analysis trends MODEC, INC.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 1 703,00 JPY
Average target price 3 050,00 JPY
Spread / Average Target 79,1%
EPS Revisions
Managers and Directors
Yuji Kozai President & Representative Director
Toshiro Miyazaki Chairman
Katsuya Natori Independent Outside Director
Shigenobu Aikyo Independent Outside Director
Hiroko Noda Independent Outside Director
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