Boosted by vessel sales in Suriname and Guyana, SBM Offshore posts record revenue

Dutch oil and gas services company SBM Offshore reported a 35 per cent jump in annual revenue to a record high on Thursday, driven by the sale of its FPSOs in Suriname and Guyana.

The company, which provides floating production solutions to the offshore energy industry, reported directional revenue at a record level of $6.1 billion for 2024, compared to $4.53 billion in 2023.

That came slightly ahead of its guidance of $6.0 billion.

"The debottlenecking of Guyanese FPSOs safely brought all three units, Liza Destiny, Liza Unity and Prosperity, to oil production levels beyond their original investment basis," the company said in a statement.

The group attributed the strong performance last year to its turnkey business, which represented 61 per cent of total directional revenue in 2024, up from 57 per cent last year.

The Amsterdam-based group said it sees 2025 directional revenue guidance above $4.9 billion, with around $2.7 billion from its turnkey business, which builds and sells the FPSO vessels.

SBM Offshore calculates its results using a method of directional reporting that records payments made during the construction phase and prior to a lease's execution as revenue.

The group's directional backlog, or contracts it expects to complete, increased by $4.8 billion compared to last year to a total of $35.1 billion, driven by FPSO Jaguar, FSO Trion and GranMorgu FPSO contracts awarded throughout 2024.

(Reporting by Dimitri Rhodes and Johan Bodinier; Editing by Mrigank Dhaniwala)