SBM Offshore, the Netherlands, has reported net profit results for 2008 of US$228 million, compared with US$267 million in 2007. According to SBM, its results were affected by budget and schedule overruns during the first half of the year.
However, the company's year-end order portfolio was up from the 2007 of US$7.95 billion to US$9.25 billion.
"Looking back, 2008 has been a year with both positives and negatives," said Tony Mace, CEO of SBM Offshore. "We have seen record turnover and our order backlog reached a new high. However, our net result was disappointing."
He added that the company would now focus on implementing new procedures and controls to ensure that project execution runs on schedule.
"The recent oil price collapse and the subsequent expected slow down in the award of new contracts, makes it however difficult at this time to provide a full year profit expectation for 2009," he said.
