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Top management at SBM Offshore take pay cut

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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