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)
The U.S. Department of the Interior has announced a substantial offshore wind energy lease sale set for October 29, 2024. The sale will cover eight areas off the coasts of...
(Bloomberg) — The price to rent a deepwater drilling rig may climb to near record levels if demand from oil companies continues to increase in the coming years, according to the head...
Equinor’s floating production, storage and offloading vessel (FPSO) for the Johan Castberg field has been successfully anchored in the Barents Sea, marking a significant milestone in Norway’s offshore oil industry....
September 17, 2024
Total Views: 1091
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.