SBM Offshore sees higher spend by customers in 2011

Dutch maritime engineering group SBM Offshore said on Wednesday that exploration and production companies were expected to increase their capital spend in 2011, driving demand for its products.
SBM's shares have risen 35 percent since hitting a July 1 low, as confidence slowly returned in the floating production, storage and offloading unit (FPSO) market, where its clients commission projects, and as U.S crude oil prices have risen from as low as $64.24 in May to more than $87 a barrel.
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Source: Reuters