Key Takeaways:
SBM Offshore NV raised its full-year revenue forecast after first-quarter directional revenue more than tripled to $3.5 billion, a 216% increase driven by the sale of a major vessel and strong project execution in its core deepwater energy infrastructure business.
“We delivered a solid start to the year, underpinned by good project progress and high uptime across the fleet,” Øivind Tangen, CEO of SBM Offshore, said in a statement. “Our performance supports our ambition to deliver growth in returns to shareholders.”
The Dutch floater specialist reported year-to-date directional revenue of $3.49 billion, up from $1.1 billion in the same period last year. The result was fueled by a 359% explosion in the Turnkey segment to $2.88 billion, primarily from the sale of the FPSO ONE GUYANA in February. The Lease and Operate division saw revenue climb 28% to $610 million. The company’s net debt fell 43% from year-end 2025 to $3.2 billion.
The strong performance prompted SBM to increase its 2026 directional revenue guidance to “above $6.9 billion” from a previous forecast of around $6.5 billion. The company maintained its full-year EBITDA guidance at approximately $1.8 billion, signaling confidence in its operational profitability for the remainder of the year.
The significant revenue increase was primarily attributed to the Turnkey segment, which recognized over $2.2 billion more in revenue compared to the first quarter of 2025. This was largely due to the completed sale of the FPSO ONE GUYANA and the allocation of a Fast4Ward® Multi-Purpose Floater (MPF) hull for the Longtail development project in Guyana, a project being developed by ExxonMobil. This progress underscores the robust demand for floating production, storage, and offloading units in the global energy market.
In response to the strong market outlook, SBM has ordered two additional new-build Fast4Ward® MPF hulls to support its tendering activities. The company now has four hulls on order for future projects, positioning it to capitalize on a deepwater market increasingly focused on projects with large gas-handling requirements.
SBM also reaffirmed its commitment to shareholder returns. The company is proceeding with a previously announced $100 million cash dividend payable on May 13 and a $270 million share buyback program that was approximately 18% complete as of May 6. An additional interim dividend of $100 million is planned for September, part of a plan to return at least $2.1 billion to shareholders by 2031.
This article is for informational purposes only and does not constitute investment advice.
