SBM Offshore has reduced capital expenditure for the year as revenues drop year-on-year amid difficult market conditions.
The group saw revenues in the third quarter fall to $1.5 billion compared to $2 billion in the same period last year.
For SBM’s turnkey segment, revenue decreased 50% year-on-year to $622 million, “due to slow-down in activity amid continued difficult oil and gas market conditions, as well as the sale to joint venture partners of a 45% stake in FPSO Turritella in the first half of 2015”, the company said.
The
