SBM Offshore reported a 77% increase in year-to-date Directional revenue to US$6.3 billion on Thursday driven by growth in its Turnkey segment.
Following this performance, the company raised its full-year 2026 Directional revenue guidance to approximately US$7.9 billion and lifted its Directional EBITDA forecast to above US$1.95 billion.
The company’s revenue surge was largely attributed to the sale of the FPSO ONE GUYANA in February 2026, alongside new FEED contracts for the Longtail development and construction agreements for SEAP I and II. These gains were partially offset by the delivery of three other FPSOs in 2025, which had boosted results in the prior-year period.
“SBM Offshore delivered another strong quarter, with year-to-date Directional revenue reaching US$6.3 billion, reflecting disciplined project execution and high availability across our fleet,” said Øivind Tangen, CEO of SBM Offshore, in the company’s Third Quarter 2026 Trading Update.
SBM Offshore reported that its fleet produced more than two million barrels of oil equivalent per day, maintaining an uptime of approximately 99%. While the company’s Directional Lease and Operate revenue rose 10% to US$1.8 billion, the firm noted a change in fleet composition.
Regarding future projects, the company highlighted that the Longtail FPSO is designed to feature the largest gas-handling capacity ever deployed on an FPSO. However, SBM Offshore said that the Longtail, SEAP I, and SEAP II projects remain below the 25% stage-of-completion threshold, meaning they do not yet contribute to Directional EBITDA.
The company’s Directional Net Debt fell to US$3.6 billion at the end of the third quarter, a 36% decrease from the same period in 2025. SBM Offshore also confirmed that a US$270 million share repurchase program is approximately 72% complete.
What is the status of the share repurchase program?
The US$270 million program is underway, with about 72% of the total completed. The company intends to cancel shares repurchased through this initiative to reduce share capital.
When will the next financial results be released?
Are the SEAP and Longtail projects contributing to EBITDA?
No. These projects have not yet reached the 25% stage of completion required for margin recognition, according to the Third Quarter 2026 Trading Update.
Keep reading