Weak Oil Pushes SBM Offshore to Axe More Jobs
SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts. It said it did not expect a full recovery in its business until 2018, after its revenues slid 40 percent in January-June. Oil and gas producers slashed their budgets in the past two years as crude oil prices tumbled, which in turn dented revenues and profits at oilfield service providers.
SBM Offshore Nominates Wood as CFO
SBM Offshore has nominated D.H.M. Wood as a member of the management board and chief financial officer (CFO) to replace current CFO, P.M. van Rossum, who is set to retire. The company will hold an Extraordinary General Meeting (EGM) on November 30, 2016 where it will be proposed that Wood be appointed as a member of the management board for a period of four years until the 2021 AGM. Van Rossum will then step down as management board member and CFO. Wood has worked at Royal Dutch Shell plc since 1993 in various financial and management positions, including as Vice President Finance & Planning Exploration (at Shell Upstream International) and most recently as CFO of Showa Shell Sekiyu K.K. in Japan, a company listed on the Tokyo Stock Exchange.
Drydocks World Holds Jack-up Rigs Workshop
Drydocks World said it held its first joint workshop on January 21-22, 2014, which was organized following the recent signing of Letter of Intent (LOI) with Offshore Innovation Management Ltd., to build a series of AJ 62-X135 series of multi-purpose (accommodation & construction) Jack-Up rigs. Senior delegates from Offshore Innovation Management (Owners), GustoMSC (Designer and supplier of Jacking & Fixation system) Markhus AS (Accommodation specialist) DNV (Classification Society) and Drydocks World (Construction yard) attended the workshop.
