SBM Offshore Announces Further Job Cuts, Revenue In Line
AMSTERDAM, May 7 (Reuters) - SBM Offshore, the Dutch oil and gas platform leasing company, said on Thursday it was cutting 300 jobs in addition to the 1,200 redundancies it announced last year, saying the low oil price had led clients to postpone investment decisions.
The company, which has already been fined a record $240 million by Dutch authorities over improper payments to officials in Equatorial Guinea, Angola and Brazil, said discussions with Brazilian authorities over a settlement were continuing.
In its first-quarter trading update, the company said it had earned revenue of $601 million so far this year and stuck to its forecast of $2.2 billion in revenue for 2015. It said net debt would come in at below $3.5 billion.
"A continuously challenging macro environment has impacted the turnkey segment as clients postpone investment decisions," Chief Executive Bruno Chabas said in a statement. "The Lease and Operate segment continues to perform, as it is unaffected by oil price fluctuations."
SBM Offshore is one of more than 20 companies believed by Brazilian police and prosecutors to have paid bribes in exchange for contracts with state-run Petrobras, Brazil's largest oil company.
Dutch prosecutors said in November that SBM Offshore's Brazilian sales agents, who received at least 139.1 million euros in commissions, made payments to Brazilian government officials via offshore entities.
SBM Offshore is the world's largest leaser of floating oil production ships known as FPSOs, while Petrobras uses more such vessels than any other company.
(Reporting By Thomas Escritt, editing by David Evans)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- USA Commercial Crude Oil Inventories Increase
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call