SBM Offshore (SBMO) Q3 2026 TU earnings summary

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.