START-UP of production on ExxonMobil's prolific Stabroek block off Guyana helped SBM Offshore buck the market trend with a rise in revenues in the first half. The Dutch floater giant's reported earnings for the first six months showed directional revenue at $1.18 billion, an increase of 22% from $965 million in the same period last year. Directional revenue from the key lease and operate segment was $829 million, compared with $646 million in the first half of 2019, boosted by earnings from the Liza Destiny floating production, storage and offloading unit on Stabroek. First oil was achieved on Guyana's flagship field development at the end of last year. SBM referred last week to the problems with the Liza Destiny's gas-handling system, reported during the commissioning process.
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