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)
China's retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year.
A. P. Moller-Maersk A/S, a bellwether for world trade, forecast growth in the global container market as it sees consumer demand defying an intensifying trade war.
Almost every day since the expansion of Canada’s Trans Mountain pipeline was completed in May, a tanker laden with oil sands crude shipped through the line has passed under Vancouver’s Lions Gate Bridge en route to refineries around the Pacific.
February 5, 2025
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