SBM Offshore recorded a 27% increase in Directional revenue for the first quarter of 2025, reaching $1,103mn compared to $871mn in the same period in 2024, according to its statement released on May 15. This growth is primarily attributed to the performance of the Turnkey division, whose revenue nearly doubled.
The Turnkey segment generated $627mn during the period, up 98% year-on-year. This jump reflects progress on the FPSO GranMorgu and FPSO Jaguar projects, both accounted for under the sale and operate model. Meanwhile, Lease and Operate revenue declined by 14% to $476mn, mainly due to the sale of FPSOs Prosperity and Liza Destiny in the fourth quarter of 2024.
Financial stability and operational progress
Directional net debt remained stable at $5.7bn at the end of the quarter. SBM Offshore confirmed its full-year revenue and EBITDA guidance, while the pro forma Directional backlog reached $35.1bn, supported by firm contracts with inflation protection clauses.
Three floating production, storage and offloading units (FPSOs) are scheduled to come into operation this year. FPSO Almirante Tamandaré began production in February 2025. FPSO Alexandre de Gusmão arrived at its site in Brazil in March, with first oil expected by mid-year. FPSO ONE GUYANA is currently being installed in Guyana, with production targeted for the third quarter.
Investments, partnerships and floating technologies
In April, SBM Offshore completed a $400mn sale and leaseback transaction on FPSO Cidade de Paraty. At the same time, the company refinanced and increased its unsecured revolving credit facility to $1.1bn. These financial operations support its shareholder return strategy, which aims for at least $1.7bn by 2030. In May, the company paid a dividend of €150mn ($162.9mn) and launched a €141mn ($153.2mn) share buyback programme, 6.75% of which had been executed by May 14.
As part of its Fast4Ward® programme, ten MPF hulls have been ordered, four of which are already in operation. SBM Offshore expects to bring a near-zero emission FPSO to market by the end of 2025, having received an Approval in Principle from the American Bureau of Shipping for the design.
Deployment of offshore energy infrastructure
In March 2025, SBM Offshore signed a strategic collaboration agreement with Microsoft to develop carbon-free floating power solutions. The partnership aims to deploy floating gas-to-power systems with integrated carbon capture and storage in the United Kingdom and Norway, in cooperation with Norwegian company Ocean-Power AS.
The fleet recorded 99.5% uptime year-to-date, consistent with historical performance. No serious incidents or fatalities were reported during the period, in line with the safety targets set for 2025.
