HOUSTON – SBM is working to resolve legacy issues arising from certain bad offshore projects, said CEO Bruno Chabas during a briefing at OTC last week.
These include cost overruns and late deliveries of two jackup production platforms.
Chabas, who took the helm in 2012, said his goal had been to refocus the Monaco-based company on its core activity, technology solutions for FPSOs. “Today it’s not a growing market, but over the long term, we believe it will be.”
SBM is keeping an eye on Lower Tertiary developments in the US Gulf of Mexico, he added, where there could be 25 candidate fields for floating production systems of some kind. “On the Mexican side, it depends what happens in the deepwater sector,” he said. Another goal is to continue development of systems for floating LNG.
Recently, the company spun off its offloading buoy division into a new 100%-owned subsidiary IMODCO, also based in Monaco. This division has supplied systems in recent years to projects offshore Iraq, Dubai, Saudi Arabia, and West Africa.