SBM dives into the red

Falling profits: SBM Offshore posted a net loss of $236 million during the first half of the year

related stories

Josh Lewis

, Josh Lewis

 18 August 2011 08:24 GMT

SBM Offshore posted a half year loss as an impairment charge from cost increases hit profits and its chief executive announced he would step down at the end of the year.

The company posted a net loss of $236 million for the six months to 30 June, compared to a profit of $92.5 million during the same period last year.

SBM attributed the loss to a $450 million impairment charge booked under its lease and operate reporting segment.

The company warned last month it stood to post a loss during the first half due to a $450 million impairment charge as a result of legal proceedings between itself, Canadian operator Encana and another operator.

SBM said both the Yme project, off Norway, and…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index