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File photo of a Talisman platform in the Norwegian North Sea.
File photo of a Talisman platform in the Norwegian North Sea.
(HO/CCN)

Financial Times

SBM Offshore clears decks in bid to get its mojo back

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Call it a tale of corporate overreach. SBM Offshore, an Amsterdam-listed oil services company, signed in 2007 to provide an offshore platform for Calgary-based producer Talisman Energy. Six years later, this mobile offshore production unit has become a ghost platform, abandoned in the Norwegian North Sea and beset by delays, technical problems, and safety concerns.