SBM posts higher 1Q revenue

Dutch FPSO specialist SBM Offshore has reported a rise in directional revenue for the first quarter of 2019, boosted by the turnkey segment of the business.

The company reported directional revenue of $456 million for the quarter, up from $385 million in the corresponding quarter a year ago.

SBM Offshore said that the 18 percent or $71 million increase in revenue was caused by Turnkey segment which benefited from a continued increase in activity stressing in particular progress made on the Johan Castberg turret project being built for Equinor.

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