August 10, 2016 / 4:22 PM / 2 years ago

SBM Offshore H1 weighed down by weak oil

Aug 10 (Reuters) - Dutch oil services company SBM Offshore’s first half core profit (EBITDA) fell 24 percent, hurt by challenging conditions in the oil industry, the company said on Wednesday.

SBM, which recently settled Brazilian corruption charges related to Petrobras contracts, reported a core profit of $327 million for the Jan-June period. Revenue fell 40 percent to $939 million.

Analysts polled by Reuters had on average expected revenue of $954 million and core profit of $336 million for the company, which leases, operates and sells floating production, storage and offloading (FPSO) vessels used in the oil industry. (Reporting by Alan Charlish; Editing by Thyagaraju Adinarayan)

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