SBM Offshore Expects Flat Directional Revenue
AMSTERDAM, Feb 6 (Reuters) – SBM Offshore, the Dutch maritime engineering group, on Thursday forecast flat directional revenue of $3.4 billion for 2014, after posting a net loss due to one-off charges.
SBM Offshore, which booked a charge of $270 million in 2013 to settle a dispute at the Norwegian Yme project, said it does not expect positive free cash flow in 2014 or 2015.
SBM Offshore, whose main area of business is floating, production, storage and offloading platforms, or FPSOs, published full-year results using a different reporting system – known as directional reporting – which it said was intended to give a clearer picture of operating cash flow.
(Reporting by Anthony Deutsch; Editing by Sara Webb)
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