Admitting the offshore sector is unlikely to see any turnaround for at least two years senior management at SBM Offshore have agreed to take a 10% cut to their salaries. The move comes as the FPSO operator pushes ahead with a significant slashing of its global headcount.
Bruno Chabas, CEO of SBM Offshore, commented: “We are making significant progress in aligning our business to the realities of today’s market.”
In an interim report, the company stated: “The Management Board continues to view a full recovery as unlikely before 2018, and as previously announced the Company will maintain a Turnkey overcapacity to position itself for a future market upturn.”
SBM Offshore suffered a 77% drop in first half profits.