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May 12 (Reuters) - SBM Offshore reported a 15% drop in first-quarter revenues as its turnkey business continued to suffer from tough energy markets, sending it shares as much as 4.6% lower on Wednesday.
The Dutch-based company’s turnkey division builds and sells floating production and storage vessels to oil and gas firms and so is highly sensitive to their investment plans.
These customers slashed spending last year as oil demand plunged in the pandemic, but a recovery in energy prices has since buoyed their earnings.
“We believe SBM’s trading update was reasonable, albeit revenues ended (.) lower than we could expect based on its 2021 guidance of $2.6 billion,” ING analyst Quirijn Mulder said in a note to clients.
By Reuters Staff
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May 12 (Reuters) - French oil services group CGG posted a 71% plunge in first-quarter core profit on Wednesday, reflecting a year of drastic spending cuts by the oil industry in the pandemic and sending its shares sharply lower.
In a call with analysts, CEO Sophie Zurquiyah said the quarter had been slow as expected, but predicted more spending in the second half of 2021, noting a resumption of commercial business and contract awards in March and higher oil prices.
“I believe we will see the need for our clients to increase their activity to not only catch up on the work postponed from 2020, but also to compensate for the depletion of their existing reservoirs,” she told analysts in a call.
Italy's top commercial broadcaster Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi, will press on with European expansion plans after agreeing a split with its second largest investor Vivendi.
Resumes M&A search as pandemic effects ease Confirms 2021 outlook (Adds details, CEO comments from call)
April 30 (Reuters) - Austria’s largest bank Erste Group said it was actively looking again for acquisition targets as a recovery in central and eastern Europe economies allowed it to reduce risk provisions and free up cash.
Erste, which operates in eastern Europe and its home market of Austria, had started looking for smaller companies to snap up in its existing regions and in Poland just before the coronavirus crisis forced it to multiply provisions for loan losses.
Most countries in which it operates in have recorded declines in infection rates throughout April.
Resumes M&A search as pandemic effects ease Confirms 2021 outlook (Adds details, CEO comments from call)
April 30 (Reuters) - Austria’s largest bank Erste Group said it was actively looking again for acquisition targets as a recovery in central and eastern Europe economies allowed it to reduce risk provisions and free up cash.
Erste, which operates in eastern Europe and its home market of Austria, had started looking for smaller companies to snap up in its existing regions and in Poland just before the coronavirus crisis forced it to multiply provisions for loan losses.
Most countries in which it operates in have recorded declines in infection rates throughout April.