SBM Offshore (SBMO) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with revenue of $5,066 million and EBITDA of $1,709 million, supported by the startup of three major FPSOs and record cash returns to shareholders.

• Maintained a leading market position in deepwater production, with 45% of new capacity delivered in 2025 and 99.1% fleet uptime.

• Strategic focus on core ocean infrastructure, decarbonization, and diversification into new ocean markets, leveraging 60+ years of expertise and digital collaborations.

• Achieved significant sustainability milestones, including carbon capture FPSO design approvals and strong ESG ratings.

Financial highlights

• Directional revenue reached $5,066 million in 2025, with EBITDA at $1,709 million; net income attributable to shareholders was $677 million.

• Order book at year-end stood at $31.1 billion, with $8.4 billion expected net cash generation.

• Net debt reduced to $5.65 billion, dropping further to $3.9 billion pro forma after the ONE GUYANA sale.

• Aggregate cash return to shareholders increased by 57% to $440 million ($2.57 per share), including a one-off $100 million component.

• Lease and operate revenue was $2,295 million; turnkey revenue was $2,772 million.

Outlook and guidance

• 2026 revenue guidance set at $6.5 billion (lease and operate: $2.2 billion–$4.3 billion; turnkey: $2.2 billion–$4.3 billion).

• 2026 EBITDA guidance at $1.8 billion, with upside potential from new FPSO awards not yet included.

• Minimum aggregate shareholder return of $2.1 billion projected over the next six years, with further upside possible.

• Guidance excludes potential future FPSO awards.

• Strong near-term cash potential, with up to two FPSO awards per year expected through 2031.