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SBM Offshore posts lower H1 net profit YOY

SBM Offshore NV reported Aug. 8 a net profit of $127 million, or 63 cents per share, for the first half, down from $147 million, or 72 cents per share, a year ago, based on IFRS standards.

Revenue totaled $1.49 billion for the first half, up from $1.02 billion in the prior-year period. The turnkey segment had the biggest contribution at $843 million, jumping from $380 million a year earlier.

EBITDA reached $447 million for the half, topping $433 million in the prior-year period.

The Amsterdam-based company also plans to cancel 7 million shares by the end of the year.

The company has a total pro forma backlog of $20.1 billion.