SBM Offshore reported a decline in its two key financial indicators for 2025, following record highs the previous year. Directional revenue fell 17% to $5.1 billion, and directional EBITDA decreased 10% to $1.7 billion, though both figures exceeded the company's guidance. Net profit also dropped by 25% to $677 million compared to 2024.

Financial Outlook and Shareholder Returns

Despite the year-on-year declines, the company announced a record cash return of $2.57 per share, totaling $440 million—a 57% aggregate increase. This decision was significantly supported by ExxonMobil's early $2.2 billion purchase of the One Guyana FPSO, most of which was used to fully repay $1.74 billion in project financing. Looking ahead, SBM forecasts a rebound for 2026, guiding toward directional revenues of about $6.5 billion and directional EBITDA of around $1.8 billion, which would set new company records. Furthermore, SBM expects to return a minimum of $2.1 billion to shareholders between 2026 and 2031 inclusive.

Operational Performance and Fleet Growth

Operationally, the addition of three FPSOs in 2025 expanded SBM's fleet to 16 vessels, which collectively handled nearly 2 million barrels of oil equivalent per day by year-end. Major projects under construction are progressing as planned, including the Jaguar FPSO for Guyana, the GranMorgu FPSO for Suriname, and the Calchi FSO for Mexico. To support future projects, SBM has two Fast4Ward multi-purpose floater hulls under construction and holds options for additional hulls with three shipyards.

Market Position and Future Prospects

The company's leadership expressed confidence in its position within a robust deepwater market, with opportunities on both sides of the Atlantic. Over the next three years, SBM identifies at least 16 FPSO prospects that align with its expertise in large, complex vessels, including projects requiring high gas handling capacity.

Reasons for the 2025 Financial Decline

The decreases in 2025 directional revenue and EBITDA were primarily attributed to lower contributions from the turnkey business. This contrasts with 2024, which benefited from the sale of two FPSOs to ExxonMobil and the sale of an interest in the Sepetiba FPSO in Brazil, alongside that vessel's delivery. In 2025, revenues were also impacted by comparatively lower contributions from the Almirante Tamandare, Alexandre de Gusmao, and One Guyana FPSOs as these projects reached completion. The decline in directional net profit reflected the same drivers that reduced directional EBITDA.