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Mon, Jul. 7, 10:23 AM
- Petrobras' (PBR -0.4%) profit could be reduced by $15B between 2014 and 2018 if it had to suspend oil platform contracts with Holland's SBM Offshore (SBFFF), the company said in a Brazilian securities filing over the weekend.
- The potential reduction in profit is based on an estimate of the amount of lost oil and natural gas output and additional spending needed if PBR had to stop using the floating oil production platforms leased from SBM.
- SBM is the subject of investigations in Brazil, the Netherlands and the U.S. over the alleged payment of $250M in bribes in Africa and South America, including $139M allegedly paid in Brazil.
Tue, Apr. 15, 12:28 PM
- Talisman Energy (TLM) reportedly has delayed a new concept decision on the Yme field off Norway, and has not ruled out that the problematic project could be shelved altogether.
- Contractor SBM Offshore (SBFFF) last year decided to scrap the North Sea field’s newbuild mobile offshore production unit before it had even started operation due to costly technical issues, with the platform due to be removed next summer; TLM is estimated to have lost about half of its total investment of 10B kroner.
- TLM intends to sell out of its Norway assets, but CEO Hal Kvisle has said such a sale could be dependent on a workable solution being found to develop Yme to make the asset attractive to potential buyers.
Fri, Feb. 7, 4:55 PM
- Shares of SBM Offshore (SBFFF, SBFFY) plunged 15% today on growing concerns about the possible consequences of an investigation into potentially improper sales practices, which some analysts say raises the prospect of hefty fines against the Dutch maritime engineering company.
- The investigation concerning potential corrupt payments in three countries has been continuing for nearly two years.
May. 17, 2013, 8:56 AMWorkers in Angola are completing construction of the strongest crane in Africa, with a capacity to lift 2,500 metric tons, to be used at offshore projects for Chevron (CVX), Total (TOT) and SBM Offshore. The second phase of CVX’s $5.6 billion Mafumeira Sul project is expected to produce 110K bbl/day by 2015, and TOT’s Clov project may start pumping crude next year. | Comment!
Mar. 20, 2013, 10:05 AM
Mar. 12, 2013, 5:57 AMTalisman Energy (TLM) and its partners will receive $470M from Holland's SBM Offshore (SBFFF.PK) in a settlement over the termination of the Norwegian YME offshore oil platform project. SBM Offshore was building YME for Talisman and its partners but had to terminate it following technical difficulties. (PR) | Comment!
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