SBM Offshore announced year-to-date Directional revenue of $3.571bn for the first nine months of 2025, representing a 26% increase compared with the same period in 2024. This result was primarily driven by the strong performance of its Turnkey segment, which generated $1.964bn, up 90% year-on-year.
Turnkey segment boosted by Jaguar and GranMorgu projects
The rise in Turnkey revenue is due to progress on the FPSO Jaguar and GranMorgu projects, operated under the Sale and Operate model. In contrast, lower construction activity on the Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA units, now completed, partially offset this performance.
During the period, the Lease and Operate segment generated $1.607bn, down 11% from the same period last year. This decline reflects the divestment of FPSOs Liza Destiny and Prosperity in 2024, which no longer generate direct lease income but are still under maintenance agreements. The impact of this was mitigated by the addition of three new units to the fleet in 2025.
Operational results and growth outlook
SBM Offshore maintained its full-year 2025 Directional revenue guidance at above $5.0bn, with approximately $2.3bn expected from the Lease and Operate segment and $2.8bn from Turnkey. In parallel, the Directional EBITDA forecast has been raised to around $1.65bn, from above $1.6bn previously.
The company reported that three FPSOs reached first oil in 2025, increasing its fleet to 17 units with a combined production capacity of 2.7 million barrels per day. Among them, FPSO Almirante Tamandaré reached a record flow of 270,000 barrels per day in Brazil, while FPSO ONE GUYANA, now operational, became Guyana’s largest production unit.
Strategic positioning and digitalisation
SBM Offshore confirmed the continued progress of ongoing projects, with deliveries scheduled between 2027 and 2028. Two Fast4Ward® MPF hulls are currently under construction to support increasing client demand in the floating production, storage and offloading (FPSO) market.
At the same time, the company is accelerating its integration of artificial intelligence (AI) technologies through partnerships with SLB and Cognite. These collaborations aim to enhance offshore operations via a unified data platform, improving digital asset management and operational efficiency across the fleet.
Debt, recycling and shareholder returns
Directional net debt reached $5.8bn at the end of September 2025, representing a 2% year-on-year increase. This reflects intense investment activity and temporary cash requirements related to project milestone payments. The €141mn ($150mn) share repurchase programme launched in April is 71% complete, and has already led to the cancellation of 5 million shares.
Additionally, SBM Offshore confirmed progress in recycling FPSO Capixaba, with the project now 71% complete and 98% of materials being reused or recycled, in compliance with European regulations and the Hong Kong Convention.
