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BREAKING NEWS

SBM Offshore ups 2019 outlook after forecast-beating first half

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(Reuters) – Dutch provider of floating oil and gas production vessels, SBM Offshore <SBMO.AS> reported on Thursday forecast-beating results, leading it to raise it full-year targets, helped by growth at its turnkey operations.

The firm upgraded its full year outlook and now sees with directional revenue above $2 billion (1.64 billion pounds) and directional earnings before interest, tax, depreciation and amortisation (EBITDA)above $750 million.

The January-June directional EBITDA fell 4% to $399 million from the year ago figure adjusted for one-offs, while revenue increased 19% to $965 million.

The company did not report any adjustments for the first half.

The analysts polled by the company had expected EBITDA to drop to $383 million on revenues of $950 million.

(Reporting by Piotr Lipinski in Gdynia)

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