SBM Offshore has released its third-quarter trading update for 2025, reporting a 26 per cent year-on-year increase in year-to-date directional revenue to $3.6 billion.
Driven by strong performance across its operational and construction portfolios, the company raised its full-year 2025 directional EBITDA guidance from above $1.6 billion to around $1.65 billion. Full-year revenue guidance remains unchanged at above $5 billion.
The revenue growth was primarily fueled by the turnkey segment, which saw revenues surge 90 per cent to $1.96 billion, reflecting progress on the construction of FPSOs Jaguar and GranMorgu.
This offset a decrease in the lease and operate segment, which fell 11 per cent to $1.61 billion, mainly due to the sale of FPSOs Liza Destiny and Prosperity in late 2024.
Øivind Tangen, CEO of SBM Offshore, highlighted that three major FPSOs achieved first oil this year, expanding the company's fleet to 17 vessels with a total production capacity of 2.7 million barrels of oil per day.
This includes the FPSO Almirante Tamandaré, now described as Brazil's largest oil-producing unit, and the FPSO One Guyana, described as the largest production unit in Guyana.
SBM Offshore noted that ExxonMobil Guyana is contemplating exercising its purchase option for the FPSO One Guyana in early 2026. The company also secured approval in principle for a blue ammonia FPSO design and signed strategic collaboration agreements with Cognite and SLB to enhance digital asset management.
The company also reported that its €141 million ($164 million) share repurchase program is approximately 71 per cent complete, with five million shares already cancelled.
