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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SBM Offshore
SBM Offshore (SBMO) investor relations material
SBM Offshore Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary12 Nov, 2026
Executive summary
YTD Directional revenue rose 77% to $6.337bn; FY 2026 guidance increased to ~$7.9bn revenue and above $1.95bn EBITDA.
Fleet oil uptime was 99.0% YTD, with production above 2 million barrels of oil equivalent per day.
All five projects under execution are progressing to plan; disciplined delivery and selective project wins remain priorities.
Financial highlights
YTD Turnkey revenue rose 132% to $4.565bn and Lease and Operate revenue increased 10% to $1.772bn.
Directional net debt was $3.6bn at Q3 2026, down 36% from FY 2025, primarily reflecting the ONE GUYANA sale and related debt repayment.
More than 90% of floating-rate debt was hedged at Q3 2026.
Outlook and guidance
FY 2026 Directional revenue guidance increased to ~$7.9bn: ~$2.4bn Lease and Operate and ~$5.5bn Turnkey; EBITDA guidance rose above $1.95bn.
Longtail FEED extension was the main driver of the revenue increase; SEAP I, SEAP II and Longtail are not expected to reach the margin-recognition threshold in 2026.
SEAP II is expected to pass the 25% completion threshold toward end-2027 and SEAP I in H2 2028; neither is expected to contribute Directional EBITDA before then.
16 FPSO opportunities in the market sweet spot are expected over the next three years; two unallocated hulls are under construction, with partner-yard capacity also secured.
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Latest events from SBM Offshore
- Revenue and EBITDA more than doubled, backlog hit $35.6bn, and 2026 guidance was raised.SBMO
Q2 2026 - Q1 2026 revenue soared 216% to $3.5B, with guidance raised and net debt down 43%.SBMOQ1 2026 TU
- Record financials, major FPSO startups, and robust returns set the stage for future growth.SBMOQ4 2025
- Revenue up 26% to $3.6B, EBITDA guidance raised, and share buyback 71% complete.SBMOQ3 2025 TU
- Revenue up 26%, net income more than doubled, and 2025 guidance raised.SBMOQ2 2025
- 2024 guidance raised as FPSO sales and contract wins drive revenue and EBITDA growth.SBMOQ3 2024 TU
- Record backlog and 36% EBITDA growth drive raised guidance and expanded share buyback.SBMOH1 2024
- Record results, $35.1B backlog, and 30% higher returns set a strong 2025 outlook.SBMOH2 2024
- Q1 revenue up 27% to $1.1B, backlog at $35.1B, and 2025 guidance reaffirmed.SBMOQ1 2025 TU
Next SBM Offshore earnings date
Q4 202618 Feb, 2027
SBM Offshore
Next SBM Offshore earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
SBM Offshore N.V. is a global leader in delivering floating production solutions to the offshore energy industry. The company specializes in the design, supply, installation, operation, and life extension of Floating Production, Storage and Offloading (FPSO) vessels. SBM Offshore operates across both hydrocarbon and renewable market segments, offering a range of services from leasing and operation of oil and gas production facilities to providing turnkey solutions for Catenary Anchor Leg Mooring (CALM) buoys, swivels, mooring systems, fluid transfer systems, and offloading systems. With a history dating back to 1969 when it was established as a specialist in single buoy moorings, the company has evolved to meet the changing needs of the offshore energy sector, including a focus on renewable energy solutions through its dedicated New Energies & Services (NES) division. SBM Offshore's innovative approach to offshore energy solutions underscores its commitment to safe, sustainable, and affordable energy. The company is headquartered in Schiphol, Netherlands, and its shares are listed on the Euronext Amsterdam.