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SBM Offshore (SBMO) investor relations material
SBM Offshore Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary13 Nov, 2025
Executive summary
Directional revenue for Q3 2025 reached $3.6 billion, a 26% increase year-over-year, driven by strong project execution and Turnkey segment growth.
EBITDA guidance for 2025 was raised to around $1.65 billion, reflecting robust operational performance and project ramp-ups.
Three major FPSOs—Almirante Tamandaré, Alexandre de Gusmão, and One Guyana—achieved first oil in 2025, expanding the fleet to 17 FPSOs with a total production capacity of 2.7 million barrels per day.
Strategic collaborations with Cognite and SLB aim to enhance digital asset management and operational efficiency.
Fleet uptime remained high at 99.4%, underscoring operational efficiency.
Financial highlights
Directional turnkey revenue nearly doubled to $2 billion, up 90% year-over-year, mainly from progress on GranMorgu and Jaguar FPSOs.
Lease and Operate revenue was $1.6 billion, down 11% year-over-year due to asset sales, partially offset by new FPSOs joining the fleet.
Net debt stood at $5.8 billion as of September 30, 2025, a 2% increase year-over-year, reflecting high activity and temporary financing needs.
Directional revenue for the first nine months of 2025 was $3,571 million, a 26% increase compared to the same period in 2024.
Hedge ratio of floating-rate debt remains above 90%.
Outlook and guidance
Full-year 2025 Directional revenue guidance maintained at above $5.0 billion.
2025 Directional EBITDA guidance raised to around $1.65 billion from above $1.6 billion.
Lease and Operate segment expected to contribute around $2.3 billion, Turnkey segment around $2.8 billion.
Minimum $1.7 billion cash return to shareholders targeted for 2025–2030, with potential upside from backlog and new projects.
Anticipated $1.7 billion debt reduction in 2026 if ExxonMobil exercises the purchase option for FPSO One Guyana.
Future L&O revenue impact from asset sales
Blue Ammonia FPSO market potential and timeline
Quantify AI partnerships' operational benefits
Balance competitiveness with project quality?
Accelerated deleveraging impact on financing?
Monetizing operational outperformance strategy?
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Next SBM Offshore earnings date
Q4 202526 Feb, 2026
Next SBM Offshore earnings date
Q4 202526 Feb, 2026
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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.
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