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SBM

Oil & Gas

SBM Offshore to axe 1200 jobs

SBM Offshore is set to cut 1200 jobs over the next two years as it looks to make $40million in savings. The contractor company will also move its headquarters to the Netherlands as weak market condition take hold. A spokesman for SBM Offshore said it was currently in the process of losing 600 contractor staff and an equal number of permanent staff. The total number of job losses would hit 1200.

Markets

SBM Offshore taps private placement

SBM Offshore has completed $450million of non-recourse senior debt secured through a US Private Placement (USPP) for the Deep Panuke Production Field Centre (PFC). The company said the 3.5% fixed coupon bond is rated BBB -/ BBB (low) by Fitch and DBRS, and carries a seven year maturity. In a statement the company said offering was oversubscribed, with 14 institutional investors participating.