SBM loss on Canadian calamities

New Direction: SBM Offshore chief executive Bruno Chabas

SBM OFFSHORE

related stories

Andrew Hobbs

 02 March 2012 08:46 GMT

Dutch maritime oil and gas engineer SBM Offshore on Friday reported a bigger-than-expected net loss of $440.6 million for 2011 and scrapped its dividend as it took additional charges related to client disputes.

The company, which recorded a net profit of $276 million in 2010, attributed the loss to impairments on two platforms, adding a $407 million impairment on Friday to the $450 million impairment announced in July.

The charges result from SBM Offshore rows with Canadian companies Encana, which is working on the Deep Panuke gas project off the coast of Nova Scotia, and Talisman Energy , which is developing the Yme oilfield, offshore Norway.

SBM is building the Yme MOPUstor and Deep Panuke platforms for the companies, with the charges taking into account projected…

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