August 9, 2017 / 7:37 AM / 6 months ago

SBM Offshore beats estimates and increases outlook, shares rise

AMSTERDAM, Aug 9 (Reuters) - Dutch offshore engineering company SBM Offshore said on Wednesday it beat expectations with first-half results lifted by higher investment in deep sea projects.

Its shares jumped 3.7 percent to 15.18 euros in early trading.

SBM, which builds and leases offshore drilling platforms, said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $453 million from $322 million a year before. Analysts had on average expected $411 million.

The company nudged up its EBITDA outlook to above $750 million for the whole of 2017, having previously projected a figure of around $750 million. (Reporting by Anthony Deutsch; Editing by David Holmes)

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