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SBM OFFSHORE ANNUAL RESULTS 2011
SBM Offshore N.V. today publishes its full-year financial results for the year ended 31 December 2011.
Total impairments and deferrals comprise:
"SBM Offshore's 2011 results have been severely impacted by the legacy projects Yme and Deep Panuke, and the further provision announced today is an unwelcome setback. Resolution of the Yme difficulties is an absolute priority and we are in constructive discussions with both clients on the best way forward.
SBM Offshore must change in several vital respects. Our organisation is reshaped with a new senior management structure to ensure absolute transparency and accountability and an overhaul of our tendering processes. At the same time, new financial risk management measures are being adopted, the better to address the scale and complexity of modern offshore projects. The Company now has an exclusive focus on FPSOs, the product at which we excel, and the record order book reflects this realignment on our core competence in the offshore market.
Despite our challenges, there are grounds for encouragement. I am excited and confident about the portfolio of projects SBM Offshore is undertaking, with the more recent projects on schedule and performing in line with, or above, expectations. Looking ahead we see buoyant market conditions in offshore oil and gas and excellent opportunities for SBM Offshore to continue to lead the industry in developing the FPSO market."
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