SBM Offshore NV

Latest Results (05.10.2025):

SBM Offshore NV reported a strong financial performance in the first quarter of 2025, achieving a 27% increase in directional revenue to US$1,103 million compared to the same period last year. The company maintained its full-year 2025 Directional revenue and EBITDA guidance, underscoring its resilient business model and strategic initiatives aimed at sustainable growth.

Revenue Growth

Directional revenue rose by 27% to US$1,103 million in Q1 2025, driven primarily by a 98% increase in the Turnkey segment, which reached US$627 million. The Lease and Operate segment saw a slight decline, totaling US$476 million due to the sale of FPSOs Prosperity and Liza Destiny, partially offset by higher reimbursable scope and the addition of FPSO Almirante Tamandaré.

Shareholder Returns

SBM Offshore paid a cash dividend of EUR150 million (EUR0.8606 per ordinary share) on May 6, 2025. Additionally, the company initiated a EUR141 million share repurchase program, which is currently 6.75% completed. The company projects a minimum US$1.7 billion cash return to shareholders by 2030.

Fleet Developments

The company is on track to bring three major FPSOs into operation in 2025. FPSO Almirante Tamandaré has achieved first oil, while FPSO Alexandre de Gusmão and FPSO ONE GUYANA are progressing towards their first oil milestones. SBM Offshore also aims to offer a near-zero emission FPSO by the end of 2025, supported by its Fast4Ward® program.

Strategic Collaborations

SBM Offshore signed a strategic collaboration agreement with Microsoft to develop standardized, scalable, AI-powered carbon-free floating power solutions. This partnership targets the deployment of floating gas-to-power solutions with integrated carbon capture and storage in the UK and Norway.

Financial Position

The company successfully completed a US$400 million sale and leaseback transaction for FPSO Cidade de Paraty and refinanced its unsecured revolving credit facility, increasing it to US$1.1 billion. Directional net debt remained stable at US$5.7 billion for Q1 2025.