Dutch oil platform company SBM Offshore maintains outlook
AMSTERDAM Dec 17 (Reuters) - SBM Offshore, the Dutch oil platform leasing company, has maintained its sales guidance for 2014 but said it would take $146 million in one-off charges.
In a trading update on Wednesday, the company, which last month settled a foreign bribery case with Dutch prosecutors for a record $200 million, did not provide a sales outlook for 2015.
It said last week it would cut 1,200 jobs, or slightly more than 11 percent of its global workforce, as part of a cost-saving programme.
SBM Offshore said it will take a non-cash charge of $56 million related to the Deep Panuke gas production facility off the coast of Nova Scotia.
It will also book a financial asset impairment of approximately $50 million related to a contractual dispute with an undisclosed U.S. client and a provision of $40 million for a warranty fund.
Those extra costs will be partly offset by the reversal of a $109 million impairment charge on Thunder Hawk platform in the Gulf of Mexico, it said.
SBM Offshore said that despite pressure on the oil industry, it expects sales of $3.3 billion in 2014.
"Management recognizes the anxiety caused in the markets by the sharp decline in the price of oil," Bruno Chabas, chief executive, said.
Chabas said 90 percent of a $21.8 billion backlog consists of future lease and operate income that is not linked to oil prices or on production levels. Continuación...