SBM to breakeven by year-end

Breaking even: SBM has maintained its forecast that it will recover from its mid-year loss and breakeven by year-end

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Josh Lewis

, Josh Lewis

 17 November 2011 08:29 GMT

SBM Offshore maintained a steady turnover during the first nine months of the year and predicted it would breakeven by year-end after taking into account a previously announced $450 million impairment charge.





The company’s consolidated turnover for the first nine months of the year totaled $2.2 billion, a 1% increase on the $2.18 billion booked during the same period in 2010.

SBM maintained it would recover from its mid-year loss of $236 million and breakeven by the end of the year, before the deduction of minority interests which are projected to amount to about $30 million.

The mid-year loss was due to a $450 million impairment charge as a result of legal proceedings with Canadian operators Encana, who is working on the Deep Panuke…

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