SBM Offshore (SBMO) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with directional revenue of $5,066m and EBITDA of $1,709m, 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, diversification into new ocean markets, and digitalization through collaborations with Cognite and SLB.

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

Financial highlights

• Directional revenue reached $5,066m in 2025, with EBITDA of $1,709m, both ahead of guidance, though down year-over-year due to lower Turnkey segment revenue.

• Net income attributable to shareholders was $677m, with earnings per share at $3.91.

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

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

• Cash return to shareholders increased by 57% year-over-year to $2.57 per share, totaling $440m.

Outlook and guidance

• 2026 revenue guidance set at $6.5bn (lease and operate: $2.2bn–$4.3bn; turnkey: $2.2bn–$4.3bn), with EBITDA guidance at $1.8bn and upside potential from new FPSO awards.

• Minimum aggregate shareholder return of $2.1bn 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.

• Market outlook remains robust for large and complex FPSOs, with 44 potential awards worldwide from 2026–2028.