SBM Offshore Got a Good Price for GustoMSC says Rabobank

0829 GMT 12 November [Dow Jones] SBM Offshore (SBMO.AE) gets an excellent price for divesting GustoMSC, says Rabobank. SBM Offshore sells GustoMSC for $185 million to Parcom Capital, where Rabobank had anticipated $60-70 million. The solid book profit is a welcome boost to equity, the brokerage adds, estimating equity at $1.7 billion at the end of 2012. Equity is important given the potential write-down on the troublesome Yme-project. Rabo rates SBM Offshore at buy with a EUR15 target. Shares 1.9% higher at EUR10.19.

[I]Robert Vandenoever, © 2012 Dow Jones & Co[/I]