SBM Wins ExxonMobil Guyana FPSO Order
Dutch-based floating production, storage and offloading unit (FPSO) provider SBM Offshore has won a contract to deliver an FPSO for ExxonMobil’s second phase of the Liza development offshore Guyana.Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Liza project in Guyana, said a press release from SBM.Under these contracts…
SBM Offshore Raises Outlook Buoyed by Deepwater Spending
SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014.
Weak Oil Pushes SBM Offshore to Axe More Jobs
SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts. It said it did not expect a full recovery in its business until 2018, after its revenues slid 40 percent in January-June. Oil and gas producers slashed their budgets in the past two years as crude oil prices tumbled…
SBM Offshore Dividend Returns in 2015
SBM Offshore has reported revenue and net debt reduction in line with expectations. Although industry challenges have led to continued postponement of client investment decisions, the Company's predominant activity of leasing, operating and maintaining FPSOs is generating positive cash flows. Consequently, following a five year hiatus, a cash dividend payment of US$0.21 per share is being proposed.
SBM Offshore: US Authorities Reopen Corruption Probe
SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company. SBM Offshore reached a record $240 million settlement in November 2014 with Dutch and U.S. authorities relating to corruption charges in Angola, Brazil and Equatorial Guinea, involving an estimated $200 million in bribes paid between 2007 and 2011.
SBM Offshore Settles Brazil Corruption Allegations
Following the allegations made on December 17, 2015 by the Brazilian Public Prosecutor's Office (Ministério Público Federal - "MPF") regarding SBM Offshore's CEO, Mr. Bruno Chabas, and a member of the Company's Supervisory Board, Mr. Sietze Hepkema, the Supervisory Board of SBM Offshore issued a statement of support with respect to both Board Members on December 21, 2015. On January 15…
SBM Offshore Responds to Brazilian Reports
The Company responds to news that CEO Bruno Chabas and member of the Supervisory Board Sietze Hepkema appear on a list of (former) Petrobras executives, former sales agents and (former) SBM Offshore executives who may be prosecuted in Brazil in relation to a corruption scandal. The Company will seek clarification on this news with the relevant authorities. The Company believes that allegations are without merit, based on what it heard so far.
SBM Offshore Hit By Slowing Industry Spending
SBM Offshore the world's top oil production ship leaser, said on Wednesday a fall in orders hit its third-quarter revenue as clients trimmed spending amid ongoing low oil prices. The Amsterdam-based company, which generates roughly 60 percent of its business in Brazil, is negotiating a settlement with authorities there over alleged payments to state officials to win contracts with Pertobras, Brazil's state-run oil company.
SBM Offshore CEO Signs on for 4 More Years
Floating production services provider SBM Offshore N.V. announced that its chief executive officer Bruno Chabas has been reappointed to serve a second four-year term on the company’s management board. Chabas was reappointed today during a shareholders meeting for a term running into 2020, designated by the supervisory board to continue as CEO. Chabas joined SBM as COO in May 2011 and became CEO in January 2012.
SBM Offshore Warns of Sharp Revenues Drop
SBM Offshore, the Dutch marine oil production and loading vessels specialist, said on Wednesday its revenue this year could fall to as low as $2.2 billion, down from $3.5 billion in 2014. "The effects of the recent drop in oil prices are being felt across the offshore services industry in the form of lower order intake," said Chief Executive Bruno Chabas in reporting its results for last year.
Barril Appointed COO of SBM Offshore
SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015. Philippe's appointment as a member of the Management Board is subject to approval at the Annual General Meeting of Shareholders to be held on April 15, 2015. Philippe joins the Company from Technip, where he most recently held the position of President and Chief Operating Officer.
SBM Offshore Maintains Outlook, Stock Drops
SBM Offshore, the Dutch oil platform leasing company, has maintained its sales guidance for 2014 but said it would take $146 million in one-off charges. In a trading update on Wednesday, the company, which last month settled a foreign bribery case with Dutch prosecutors for a record $200 million, did not provide a sales outlook for 2015. It said last week it would cut 1,200 jobs, or slightly more than 11 percent of its global workforce, as part of a cost-saving programme.
SBM Offshore Cutting 1,200 Jobs Worldwide
Dutch oil platform leasing company SBM Offshore is cutting 1,200 jobs, or slightly more than 11 percent of its global workforce, as part of a cost-saving programme. The company, which settled a bribery case with Dutch prosecutors for a record $200 million payment last month, said on Thursday half of the jobs involved contractors and the rest permanent staff. The cuts will be made in all five regions in which the company operates, a spokeswoman said.
SBM Offshore Cuts Staff Strength
In light of market conditions and in order to optimise the Company’s cost base, capacity requirements have been reviewed with the objective of creating a productive environment for performing teams and maintaining our core competencies and technological edge. Regretfully SBM Offshore is in the process of releasing approximately 600 contractor staff and an equal number of permanent staff, totalling approximately 1,200 positions worldwide, over the period 2014 and 2015.
SBM Offshore Shares Jump as Bribery Case Settled
SBM Offshore NV has settled a bribery case with Dutch prosecutors for $240 million, including a $40,000 fine, sending shares in the Dutch oil platform leasing firm up more than 20 percent on Wednesday. The settlement, which was in line with provisions already taken, ends a two-and-a-half year inquiry into improper payments to government officials in Angola, Brazil and Equatorial Guinea by sales agents between 2007 and 2011.
SBM Offshore Reaches Out-of-court Settlement
SBM Offshore today reached an out-of-court settlement ex Article 74 of the Dutch Criminal Code with the Dutch Public Prosecutor's Office (Openbaar Ministerie) over the inquiry into alleged improper payments. Furthermore, the United States Department of Justice has informed SBM Offshore that it is not prosecuting the Company and has closed its inquiry into the matter. The settlement with…
SBM Offshore Announces Thunder Hawk Tiebacks
SBM Offshore is pleased to announce it has signed a Production Handling Agreement (PHA) with Noble Energy to produce the Big Bend and Dantzler fields to the Thunder Hawk DeepDraft (TM) Semi located in 6,060 feet of water in the Gulf of Mexico (GoM). Production fees associated with produced volumes are estimated to lead up to projected revenue of US$400 million to be delivered over the ten year primary contract period.
SBM Offshore's Q1 2014 Revenue Dips
SBM Offshore, the Dutch offshore oil production and loading vessels leasing company, reported a 4 percent slip in first-quarter revenue on Friday to $782 million, which it said was in line with expectations, while the order backlog was off 2 percent at $21.66 billion. "We have delivered a steady performance in the first quarter, with revenues in line with expectations. Tendering activity has accelerated…
