SBM Offshore's subsidiary in India has evolved from a purely engineering-focused operation into a comprehensive global project execution office, playing a significant role in the company's worldwide FPSO (floating production, storage and offloading vessel) business.

Evolution and Expansion of Operations

Initially established as an engineering office in a joint venture, SBM Offshore assumed full control of its Bengaluru-based subsidiary in 2023. Recognizing the depth of local talent, the company rapidly expanded its capabilities. Within a year, it established a major global supply chain team, followed by teams dedicated to brownfield project services and operations and maintenance (O&M) for its global FPSO fleet. The subsidiary also developed project management, project controls, and a digital solutions group. This transformation has enabled the Indian office to support all of SBM's global projects end-to-end, functioning as one of the company's four key global execution hubs alongside Monaco, Rotterdam, and Kuala Lumpur.

Key Projects and Strategic Advantage

The Indian office is currently supporting the major Whiptail Jaguar FPSO project for ExxonMobil offshore Guyana, earning appreciation for its seamless coordination with other global offices. SBM's unique advantage in the market stems from its ownership of the entire FPSO lifecycle—not just engineering, procurement, and construction, but also installation, operation, maintenance, and eventual decommissioning. Beyond Whiptail, the team is engaged in several brownfield projects.

Leveraging Indian Talent and Digital Innovation

India's vast talent pool is cited as a critical strategic advantage, helping address global skill shortages. While initial market entry may have been influenced by cost, companies like SBM have stayed for the depth and diversity of expertise. A key growth area is digital innovation; leveraging Bengaluru's ecosystem, the India team designs and builds advanced digital tools to optimize fleet operations. These applications are piloted and deployed globally, making India a central contributor to SBM's digital transformation.

Market Outlook and Business Models

The global FPSO market outlook is strong through 2030, particularly in the deepwater and ultra-deepwater segments where SBM operates, driven by continued offshore discoveries. The market is estimated to grow from about $13 billion annually in 2025 to nearly $20 billion by 2030. SBM plans to selectively pursue complex projects in these segments. Contractually, while traditionally using a lease-and-operate model, the company is adapting to client preferences, anticipating a future hybrid landscape that includes sale-and-operate and build-operate-transfer (BOT) models.