SBM Offshore says it will not sacrifice profitability to win new offshore production contracts, even as competition intensifies for major projects around the world.
Asked whether rivals may be accepting lower margins to secure entry into emerging markets such as Namibia, Chief Executive Officer Øivind Tangen said SBM remains committed to its long-standing commercial discipline.
"We don't compromise on the return expectations."
Tangen acknowledged that Namibia represents an important strategic market but stressed that no single project would cause the company to abandon its financial standards.
"There's no singular prospect that will make us shift from our general appetite for returns."
The comments are also relevant for Guyana, where SBM remains the leading supplier of FPSOs for ExxonMobil's offshore developments.
Maintaining pricing discipline suggests the company remains confident in future opportunities rather than chasing projects at lower returns.
.png)
.jpg)
.jpg)