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SBM Offshore’s turnkey service drives leap in quarterly profits

Byadmin2

May 11, 2022
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Might 12 (Reuters) – Oil and gas services group SBM Offshore ( SBMO.AS) on Thursday reported a 89% dive in first-quarter profits, as the Dutch company gained from the sale of stakes in 2 drifting production storage and offloading (FPSO) vessels.

SBM’s turnkey service, which develops and offers drifting production and storage vessels to oil and gas companies, saw its profits grow 269% to $565 million in the quarter, driven by a greater contribution from the divestment of a 45% interest in FPSOs Alexandre de Gusmão and Almirante Tamandaré.

President Bruno Chabas stated the group continued to adjust to the effects of the COVID-19 pandemic and the increased pressure on the international supply chain arising from the dispute in between Russia and Ukraine.

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An international rush to protect more oil and gas after Russia’s intrusion of Ukraine is improving energy markets and producing supply traffic jams.

The business published profits of $970 million for the very first 3 months of 2022, compared to $513 million a year previously.

The group likewise verified its full-year assistance for profits prior to interest, taxes, devaluation and amortisation (EBITDA) of about $900 million and a profits of above $3.1 billion.

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Reporting by Anait Miridzhanian and Elena Vardon; modifying by Milla Nissi

Our Standards: The Thomson Reuters Trust Concepts.

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