Dutch floating production specialist SBM Offshore revised its 2026 revenue guidance upward on Thursday, following a more than twofold increase in first-quarter directional revenue, primarily driven by its turnkey business and the sale of the FPSO vessel One Guyana. In February, the company sold the One Guyana to ExxonMobil for $2.3 billion.
The Amsterdam-listed firm reported that year-to-date directional revenue surged to $3.49 billion from $1.1 billion in the same period last year, marking a 216% increase. It also raised its full-year directional revenue outlook from approximately $6.5 billion to over $6.9 billion. The company maintained its baseline directional EBITDA guidance for 2026 at around $1.8 billion and noted that directional net debt decreased by 43% to $3.2 billion as of the end of March.
SBM indicated that the revised revenue forecast reflects the Longtail FEED contract—an early-stage engineering agreement for a potential new FPSO vessel in Guyana—as well as additional work scopes secured during the period. Revenue from its turnkey business division grew by 359% to $2.88 billion, while leasing and operations revenue increased by 28% to $610 million.
Chief Financial Officer Douglas Wood stated that SBM's six-year, $2.1 billion shareholder return program "certainly has upside potential," citing factors such as potential new orders and possible additional vessel acquisitions.
SBM joined the AEX index in March 2026. The company noted that, given the strong outlook for the FPSO market, it has ordered two additional Fast4Ward hulls to support bidding activities. CEO Øivind Tangen commented that SBM Offshore currently does not expect geopolitical tensions, including those in the Middle East, to significantly impact its operations, projects, or financial condition. Tangen added, "If anything, the situation in the Middle East underscores the need for diversified oil sources," emphasizing the importance of deepwater markets in the Atlantic Basin.
The company employs directional reporting, which includes recognizing payments from the construction phase before the lease begins as revenue.
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