SBM Offshore Drops Sharply on Reports of Trouble at North Sea Project
07/11/2012| 01:04pm US/Eastern
By Robert van den Over
Shares in SBM Offshore NV (>> SBM OFFSHORE) tumbled 6.6% on Wednesday following reports of problems at a project at the Yme oil field in the Norwegian part of the North Sea.
The reports said that Canada's Talisman Energy Inc. (TLM.T) had evacuated a platform in the area, but didn't elaborate. SBM Offshore has supplied equipment to the project, and in 2011 had to take charges of several million dollars for unexpected costs related to it.
Officials at the companies or the Norwegian authorities didn't respond to requests for comment.
SBM Offshore shares closed at EUR10.46.
Write to Robert van den Over at email@example.com