Cutbacks impacting Angolan offshore construction venture

SBM Offshore has issued a pessimistic update on the outlook for fresh activity at the Paenal construction yard in Angola.

Offshore staff

MONACOSBM Offshore has issued a pessimistic update on the outlook for fresh activity at the Paenal construction yard in Angola.

The company has a 30% interest in the joint venture owning the yard, but new projects offshore Angola have been few and far between.

SBM has also warned that the projected use of its diving support and construction vesselSBM Installer has decreased due to the industry’s continued downturn, which has led to significant over-supply in offshore markets.

12/08/2016

More in Rigs/Vessels