SBM Offshore recorded a drop in directional revenues in the first quarter as its lease and operate division sales were reduced by the disposal of a floater to Shell.
The Dutch offshore contractor posted directional revenue of $385 million in the first three months of the year, down some 8% from $420 million a year earlier after it sold the Turritella floating production, storage and offloading unit to the Anglo-Dutch supermajor in a $1 billion deal.
