SBM Offshore awarded FEED contracts for the Longtail project in Guyana

Rhea-AI Summary

SBM Offshore (OTC:SBFFF) was awarded FEED contracts by ExxonMobil Guyana to design an FPSO for the Longtail development on March 24, 2026. The award triggers initial funding and allocates a Fast4Ward® Multi-Purpose Floater hull (ninth new build).

The FPSO is designed to process 1,200 million cubic feet of gas per day, produce 250,000 barrels condensate per day, store ~2 million barrels, and will be spread-moored at ~1,750 meters. Construction, ownership transfer timing, and operation depend on government approvals and ExxonMobil final investment decision.

Positive

• FEED contract awarded by ExxonMobil Guyana for Longtail FPSO
• High processing capacity: 1,200 MMcf/d gas and 250,000 bbl/d condensate
• Fast4Ward hull allocation: ninth new build Multi-Purpose Floater
• Sixth FPSO award from ExxonMobil Guyana boosts backlog visibility

Negative

• Project execution contingent on government approvals and ExxonMobil FID
• Construction financing partially funded by senior loans repaid at transfer

Key Figures

Gas processing capacity: 1,200 million cubic feet/day Condensate production: 250,000 barrels/day Water depth: 1,750 meters +5 more

8 metrics

Gas processing capacity 1,200 million cubic feet/day Planned FPSO capacity for Longtail project

Condensate production 250,000 barrels/day Planned FPSO condensate output

Water depth 1,750 meters Planned spread-moored FPSO location

Condensate storage 2 million barrels FPSO storage capacity

FPSO awards in Guyana 6th unit Sixth FPSO award from ExxonMobil Guyana

Global workforce more than 8,000 professionals Company corporate profile

AGM date April 15, 2026 Scheduled Annual General Meeting

Full Year 2026 earnings February 18, 2027 Planned earnings release date

Market Reality Check

Price: $35.84 Vol: Volume 898 is below the 2...

normal vol

$35.84 Last Close

Volume Volume 898 is below the 20-day average of 1,209 (relative volume 0.74x), indicating only moderate participation ahead of this news. normal

Technical Price at 35.84 is trading above the 200-day MA of 16.23, reflecting a pre-existing uptrend into this FEED award.

Peers on Argus

SBFFF gained 3.88% with peers like SBFFY (+0.91%), MATTRF (+0.46%) and TOLWF (+2...

SBFFF gained 3.88% with peers like SBFFY (+0.91%), MATTRF (+0.46%) and TOLWF (+2.13%) also positive, while WYGPY and AKRYY were flat, pointing to both company-specific strength and broader support in oilfield services.

Common Catalyst No same-day peer headlines were reported, so the move appears driven mainly by SBM Offshore’s Guyana FEED contracts against a generally firm sector backdrop.

Historical Context

5 past events · Latest: Feb 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 04	Share repurchase update	Positive	+0.1%	Detailed progress on EUR141 million buyback program and cumulative repurchases.
Feb 04	Asset sale & debt cut	Positive	+0.1%	Sale of FPSO ONE GUYANA for US$2.32B and repayment of US$1.74B financing.
Jan 28	Share repurchase update	Positive	+28.3%	Buyback progress to over 90% completion and ongoing weekly repurchases.
Jan 21	Share repurchase update	Positive	+28.3%	Further weekly buybacks supporting share capital reduction objectives.
Jan 14	Share repurchase update	Positive	+28.3%	Program reaches 86.71% completion with over 5.55M shares repurchased.

Pattern Detected

All five recent news events, mainly buybacks and an FPSO sale, were followed by positive price reactions, suggesting investors have rewarded capital return and asset monetization announcements.

Recent Company History

Over the last few months, SBM Offshore’s news flow has focused on capital return and asset optimization. Multiple weekly updates detailed progress on a EUR141 million share repurchase program initiated on Apr 24, 2025, with completion levels rising above 86% and share counts repurchased exceeding 5.5 million. On Feb 4, 2026, the company completed the sale of FPSO ONE GUYANA for about US$2.32 billion, using proceeds to fully repay US$1.74 billion of project financing. Today’s Longtail FEED award extends this Guyana-focused growth trajectory.

Market Pulse Summary

This announcement highlights a significant Longtail FEED award in Guyana, adding a high-capacity FPS...

Analysis

This announcement highlights a significant Longtail FEED award in Guyana, adding a high-capacity FPSO designed for 1,200 million cubic feet/day of gas and 250,000 barrels/day of condensate. It extends a Guyana-focused track record that recently included the FPSO ONE GUYANA sale and an extensive share repurchase program. Investors may watch upcoming 2026 reporting dates, project approvals, and execution milestones to gauge how this contract influences leverage, cash flows, and long-term fleet strategy.

Key Terms

feed, floating production, storage and offloading vessel, fpso, senior loans, +3 more

7 terms

feed technical

"to perform Front End Engineering and Design (FEED) studies for a Floating"

A feed is a continuous stream of digital information—such as price updates, trading data, or news—pushed to users or systems in real time. Think of it like a faucet that delivers fresh data every second: the faster and more reliable the flow, the quicker investors and automated systems can react to market moves and new information. Feed quality affects trading decisions, risk management, and the timeliness of financial analysis.

floating production, storage and offloading vessel technical

"Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO)"

A floating production, storage and offloading vessel (FPSO) is a ship-like facility that processes oil or gas from nearby wells, stores the produced oil, and transfers it to tankers or pipelines. For investors it matters because an FPSO turns a field’s raw hydrocarbons into sellable product at sea—so its availability, cost, and safety affect how quickly a project generates revenue, ongoing operating expenses, and the risk of production interruptions.

fpso technical

"Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO)"

A FPSO (Floating Production, Storage and Offloading unit) is a ship-like facility that sits offshore to process oil or gas pumped up from under the seabed, store the product, and transfer it to tankers or pipelines. For investors it matters because an FPSO turns remote reserves into cash: it represents a major capital asset and source of revenue but also concentrates operational, maintenance and safety risks that can affect production levels, costs and company valuation.

senior loans financial

"construction costs are expected to be partially funded by senior loans which"

Senior loans are debt that must be repaid before other debts if a borrower runs into trouble, giving lenders first claim on the company’s cash and assets — think of them as people first in line to be paid at a crowded cafeteria. They often carry lower risk and priority for recovery in defaults, so investors consider them when balancing steady interest income against credit risk and potential loss in a downturn.

market abuse regulation regulatory

"within the meaning of Article 7(1) of the EU Market Abuse Regulation."

Market abuse regulation consists of laws and rules designed to prevent dishonest or manipulative practices in financial markets. It aims to ensure fair and transparent trading, so investors can trust that markets operate honestly, much like rules that keep a game fair. By reducing unfair advantages, it helps protect investor confidence and promotes healthy, efficient markets.

alternative performance measures financial

"contains certain alternative performance measures (APMs) as defined by the ESMA"

Alternative performance measures are financial figures companies present alongside official accounting numbers that strip out certain costs or gains to highlight how management views underlying business trends. Think of it like a cook showing a recipe’s calories without the sauce to emphasize the main ingredients; investors use these adjusted numbers to compare performance and spot trends, but they can vary by company and require careful scrutiny to avoid misleading comparisons.

ifrs financial

"APMs as defined by the ESMA guidelines which are not defined under IFRS."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

AI-generated analysis. Not financial advice.

Amsterdam, March 24, 2026

SBM Offshore is pleased to announce it has been awarded contracts by ExxonMobil Guyana Limited, an affiliate of Exxon Mobil Corporation, to perform Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO) for the Longtail development project in Guyana.

The FEED contracts award triggers the initial release of funds by ExxonMobil Guyana Limited to begin FEED activities and allocate a Fast4Ward^® hull for the Longtail development project in Guyana. SBM Offshore will further construct and install the FPSO, subject to government approvals of the development plan, final investment decision by ExxonMobil, and project approval to release the second phase of work.

Under the contracts, the FPSO’s ownership is expected to be transferred to the client at the end of the construction period and before start of operations in Guyana. The construction costs are expected to be partially funded by senior loans which will be repaid at the time of the FPSO’s transfer to the client.

SBM Offshore is expected to operate the FPSO through its integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience, leveraging key learnings and the operational excellence of the units currently deployed in Guyana.

SBM Offshore will design and construct the FPSO using its industry-leading Fast4Ward program using the Company’s ninth new build, Multi-Purpose Floater hull, combined with several standardized topsides modules. The FPSO will be designed to process 1,200 million cubic feet of gas per day and produce 250,000 barrels of condensate per day. The FPSO will be spread moored in water depth of about 1,750 meters and will be able to store around 2 million barrels of condensate.

Building on the experience to date of FPSOs Liza Destiny, Liza Unity, Prosperity, ONE GUYANA and Jaguar, SBM Offshore continues to commit to local content development in Guyana by sourcing fabrication scope locally and integrating Guyanese engineers into the execution and operational teams.

Øivind Tangen, SBM Offshore’s Chief Executive Officer:

“We are proud to receive this sixth FPSO award from ExxonMobil Guyana. This project underscores the strength of our Fast4Ward approach and extensive experience in large-scale gas-processing systems. SBM Offshore is well positioned to support the Longtail development, a major gas play demanding the highest gas handling capacity ever deployed on an FPSO. Our teams remain fully committed to supporting the success of this project and ExxonMobil’s long-term energy development strategy.”

Corporate Profile

SBM Offshore is a global leader in deepwater ocean infrastructure, delivering floating production solutions across the full asset lifecycle—from design and construction to installation and operation. Supported by a global team of more than 8,000 professionals, the Company operates a long-term, asset-backed business model that delivers high-availability assets and predictable cash flows. SBM Offshore combines engineering expertise, operational reliability, and selective innovation to support safe, efficient, and lower-carbon energy production, while extending its capabilities into new opportunities across the blue economy.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar		Date	Year
Annual General Meeting		April 15	2026
First Quarter 2026 Trading Update		May 7	2026
Half Year 2026 Earnings		August 6	2026
Third Quarter 2026 Trading Update		November 12	2026
Full Year 2026 Earnings		February 18	2027

  

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Phone:	+31 (0)20 236 32 36
E-mail:	wouter.holties@sbmoffshore.com
Website:	www.sbmoffshore.com

Media Relations

Giampaolo Arghittu
Head of External Relations

Phone:	+31 (0)6 212 62 333 / +39 33 494 79 584
E-mail:	giampaolo.arghittu@sbmoffshore.com
Website:	www.sbmoffshore.com

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views, expectations and various assumptions regarding the financial and non-financial position of SBM Offshore N.V., anticipated developments and other factors, and involve known and unknown risks, dependencies and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2025 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore N.V. does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

Data underpinning certain disclosures – particularly sustainability-related - may be subject to inherent limitations. These limitations include but are not limited to reliance on third party data providers whose data quality, completeness and integrity may differ; the use of estimates and assumptions where actual data is unavailable or incomplete; and dependencies on value chain partners for timely and accurate information provision. Methodologies, standards and regulatory requirements for measuring and reporting information—especially sustainability related information—continue to evolve. As a result, our measurement approaches and reported figures may be refined over time as more accurate, granular or standardised data becomes available. Accordingly, all data, and emissions data in particular, should be interpreted in light of these limitations and the ongoing maturation of sustainability reporting practices across our value chain.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in 2025 Annual Report, available on our website Annual Reports - SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

"SBM Offshore^®", the SBM logomark, “Fast4Ward^®”, and “F4W^®” and “Imodco^®” are proprietary marks owned by SBM Offshore.

Attachment

• SBM Offshore awarded FEED contracts for the Longtail project in Guyana

FAQ

What did SBM Offshore (SBFFF) announce on March 24, 2026 about the Longtail project?

SBM Offshore announced it was awarded FEED contracts to design an FPSO for Longtail. According to the company, the award triggers initial funding and assigns a Fast4Ward Multi-Purpose Floater hull for subsequent construction.

What are the Longtail FPSO capacity specifications in the SBFFF announcement?

The FPSO is designed to process 1,200 million cubic feet of gas per day and 250,000 barrels condensate per day. According to the company, it will store around 2 million barrels and operate in ~1,750-meter water depth.

How does the FEED contract affect SBM Offshore's role and operations for Longtail (SBFFF)?

SBM Offshore will perform FEED and is expected to build and install the FPSO, then operate it under an integrated model. According to the company, operation leverages SBM and ExxonMobil operational experience in Guyana.

What conditions must be met before SBM Offshore (SBFFF) begins full construction for Longtail?

Full construction requires government approvals of the development plan and ExxonMobil's final investment decision. According to the company, the FEED award triggers initial work but a second-phase release depends on those approvals.

Will SBM Offshore (SBFFF) retain ownership of the Longtail FPSO after construction?

Under the contracts, ownership is expected to transfer to the client at construction end and before operations start. According to the company, construction costs will be partially funded by senior loans repaid at transfer.

What is the strategic significance of the Longtail award for SBM Offshore (SBFFF)?

The award represents SBM's sixth FPSO win in Guyana and reinforces its Fast4Ward program role. According to the company, it highlights experience in large-scale gas-processing systems and local content development in Guyana.