SBM Offshore: 1H Results In Line with Expectations (The Netherlands)

SBM Offshore said its  2012 half-year results were in-line with expectations.

The company secured important orders with the Ichthys turret and the Shell FPSO Fram letter of interim award and took significant steps to transform its strategy, structure and culture.

Bruno Chabas, CEO of SBM Offshore, said:

“In my first half-year as CEO, we have made significant progress in transforming the Group. Several outstanding Board Members and Executive Directors have joined and we have restructured the management organisation making it both profit and cashflow accountable. A divestment programme for non-core assets of up to US$ 400 million is in progress.

“I have met with many key stakeholders, particularly shareholders, customers and banks, in a constructive dialogue. Although the Group is still working on important legacy issues, I am encouraged to report whole-hearted support for our strategy to focus exclusively on FPSOs and associated products or services”.

[mappress]
LNG World News Staff, August 16, 2012