SBM Offshore lifts 2026 revenue outlook as first quarter revenue triples
SBM Offshore Reports Strong First Quarter and Raises Revenue Guidance
May 7 (Reuters) - Dutch floating production specialist SBM Offshore raised its 2026 revenue guidance on Thursday after first-quarter directional revenue more than tripled, driven mainly by its turnkey business and the sale of One Guyana.
Key Transaction: Sale of One Guyana FPSO
The company sold One Guyana, a floating production, storage and offloading vessel (FPSO), to ExxonMobil in February for $2.3 billion.
Financial Performance Highlights
Revenue Growth and Outlook
The Amsterdam-listed company said year-to-date directional revenue rose 216% to $3.49 billion from $1.10 billion a year earlier, and lifted its full-year directional revenue outlook to above $6.9 billion from around $6.5 billion.
EBITDA and Net Debt
It maintained its 2026 directional EBITDA baseline guidance at around $1.8 billion and said directional net debt fell 43% to $3.2 billion at end-March.
Business Drivers and Market Outlook
Longtail FEED Award and Additional Work
SBM said the increased revenue outlook reflected the Longtail FEED award, an early-stage engineering contract for a potential new FPSO vessel in Guyana, and additional scope of work secured in the period.
Turnkey and Lease & Operate Division Performance
Its turnkey division revenue rose 359% to $2.88 billion, while lease and operate revenue increased 28% to $610 million.
Expansion and Market Position
SBM, which joined the AEX index in March 2026, said it had ordered two additional Fast4Ward hulls to support tendering activity, citing a strong outlook for the floating production storage and offloading market.
Operational Resilience and Reporting Approach
Geopolitical Impact Assessment
CEO Øivind Tangen said in a press release the company did not currently expect a material impact from geopolitical tensions, including in the Middle East, on its operations, projects or financial position.
Directional Reporting Methodology
The company uses directional reporting, which books revenue from construction-phase payments before leases begin.
Reporting Credit
(Reporting by Hugo Lhomedet)
