SBM Offshore (SBMO) Q1 2025 TU earnings summary

Executive summary

• Directional revenue for Q1 2025 reached $1.1 billion, a 27% increase year-over-year, driven by strong Turnkey performance and new FPSO deliveries.

• Pro forma directional backlog stood at $35.1 billion as of December 2024, supported by premium clients and inflation protection.

• Three major FPSOs (Almirante Tamandaré, Alexandre de Gusmão, ONE GUYANA) are on track for delivery in 2025, with Almirante Tamandaré achieving first oil in February.

• Strategic partnership with Microsoft to develop AI-powered, carbon-free floating power solutions, advancing decarbonization.

• Fleet uptime was 99.5% at the end of Q1, reflecting operational excellence.

Financial highlights

• Q1 2025 directional revenue was $1.1 billion, up 27% year-over-year, with Turnkey revenue at $627 million and Lease and Operate revenue at $476 million.

• Lease and Operate revenue declined by $18 million year-over-year due to asset sales, partially offset by new FPSO charters.

• Net debt remained stable at $5.7 billion as of March 31, 2025.

• EUR 150 million cash dividend paid in May 2025; EUR 141 million share buyback program underway.

• Unsecured revolving credit facility refinanced and increased to $1.1 billion.

Outlook and guidance

• Full-year 2025 revenue and EBITDA guidance reaffirmed, with confidence in delivering $1.7 billion cash return to shareholders by 2030.

• 2025 Directional revenue guidance maintained above $4.9 billion; Lease and Operate above $2.2 billion, Turnkey around $2.7 billion.

• Guidance reflects resilience amid macroeconomic uncertainty and continued high safety and uptime targets.