Underlying Performance − Directional
Non-recurring items in 2020 impacted the Directional profit attributable to shareholders by US$(87) million as follows:
- Accelerated Directional Revenue and EBITDA recognized for US$77 million following the early redelivery of the Deep Panuke MOPU and the final settlement signed with the client in July 2020, which triggered the end of the lease period of the unit. Considering the associated depreciation of the vessel, this transaction only negligibly impacted the gross margin and the Directional profit attributable to shareholders.
- A full impairment of US$(57) million of the SBM Installer installation vessel.
- Other impairments of US$(29) million (individually not material) relating to: (i) partial impairment of two units and (ii) increased impairment loss on financial assets.
For additional information regarding impairments recognized refer to notes: 4.3.13 Property, Plant and Equipment and 4.3.8 Net Impairment Gains/(Losses) on Financial and Contract Assets.
For reference, non-recurring items for 2019 impacted the Directional profit attributable to shareholders by US$65 million as follows:
- A US$90 million impact on EBITDA related to the gain that arose on the acquisition of the minority ownership in five Brazilian FPSOs from Constellation on November 22, 2019. Refer to note 4.3.1 Financial Highlights for full detail on this transaction.
- A total impairment of US$(25) million relating to two, individually not material, impairments of property, plant and equipment.