SBM Offshore saw deficit grow on the bottom line

Dutch offshore company SBM Offshore, which is under suspicion of bribery, suffered a negative bottom line in the 1st half of the year, though the company's revenue grew. The company has withdrawn from two tenders in Brazil.

SBM Offshore, which leases drilling platforms, rigs and the major FPSO's to the energy sector, has - against its own expectations - increased its revenue by six percent in the first half of the year. Meanwhile, the operating profit dropped 37 percent, which the company attributes to an unusually strong first half of the year in 2013.

Revenue increased to USD 1.72 billion, from USD 1.63 billion in the first half of 2013. The company's underlying operating profit (EBIT) decreased from USD 292 million in the first half of 2013 to USD 184 million in the same period this year, corresponding to a 37 percent drop. The net deficit came to USD 98 million, which means the company lost USD 44 million more than in the same period 2013.

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