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.

AI-generated analysis. Not financial advice.

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 per day Condensate production: 250,000 barrels per day Water depth: 1,750 meters +5 more

8 metrics

Gas processing capacity 1,200 million cubic feet per day Design capacity of Longtail FPSO

Condensate production 250,000 barrels per day Design condensate production of Longtail FPSO

Water depth 1,750 meters Approximate water depth for FPSO spread mooring

Storage capacity 2 million barrels Approximate condensate storage capacity of FPSO

New build hull count Ninth Multi-Purpose Floater hull Fast4Ward program new build hull number

Guyana FPSO awards Sixth FPSO award Number of FPSO awards from ExxonMobil Guyana

Workforce size More than 8,000 professionals Global team supporting SBM Offshore operations

Annual General Meeting April 15, 2026 Scheduled AGM date in 2026 financial calendar

Market Reality Check

Price: $38.33 Vol: Volume 1,504 is about in ...

low vol

$38.33 Last Close

Volume Volume 1,504 is about in line with recent activity at 0.64x the 20-day average of 2,367. low

Technical Price at 38.80 is trading above the 200-day MA at 21.02, reflecting a firmly established uptrend.

Peers on Argus

SBFFY is up 3.49% while key peer SBFFF is down 5.92%. Other equipment & services...

SBFFY is up 3.49% while key peer SBFFF is down 5.92%. Other equipment & services peers show mixed, mostly small moves between 0% and 2.13%, pointing to a stock-specific reaction rather than a sector-wide move.

Historical Context

5 past events · Latest: Mar 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 11	Share buyback update	Positive	+7.9%	Details on EUR227 million repurchase program progress and weekly transactions.
Mar 04	Share buyback update	Positive	+0.1%	Launch details and early progress of EUR227 million buyback program.
Mar 04	AGM announcement	Neutral	+0.1%	Publication of AGM agenda and 2026 financial calendar dates.
Feb 25	Share buyback update	Positive	+0.0%	Progress report showing 99.60% completion of EUR141 million program.
Feb 18	Share buyback update	Positive	+2.3%	Weekly transactions and near-completion status of EUR141 million buyback.

Pattern Detected

Recent news has centered on share repurchase programs and AGM logistics, with generally positive or neutral price reactions to buyback updates and minimal moves on routine corporate announcements.

Recent Company History

Over the last months, SBM Offshore news has been dominated by share repurchase program updates and corporate scheduling. Multiple buyback reports, including programs of EUR141 million and EUR227 million, coincided with modestly positive price reactions, while the AGM and financial calendar announcement on March 4, 2026 had a near-flat impact. Against this backdrop, the Longtail FEED award adds a sizeable operational contract win to a flow previously focused on capital returns and governance disclosures.

Market Pulse Summary

This announcement highlights SBM Offshore’s role in ExxonMobil’s Guyana developments, adding a Longt...

Analysis

This announcement highlights SBM Offshore’s role in ExxonMobil’s Guyana developments, adding a Longtail FEED award with planned capacities of 1,200 million cubic feet of gas and 250,000 barrels of condensate per day. It reinforces the Fast4Ward strategy and a growing FPSO footprint in Guyana. In context of recent buyback-focused news, this contract introduces an operational growth dimension. Investors may watch future updates on project approvals, financing, and execution milestones for additional clarity.

Key Terms

front end engineering and design, feed, floating production, storage and offloading vessel, fpso, +3 more

7 terms

front end engineering and design technical

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

Front end engineering and design is the work that creates what users see and interact with on websites and apps — the layout, visuals, buttons, and how quickly and smoothly pages respond. Think of it as the storefront and the friendly salesperson for a company’s digital presence: good front end design makes products easier to use, boosts customer engagement and conversion, and can directly influence sales, retention, and development costs, which matters to investors evaluating growth and risk.

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.

multi-purpose floater technical

"Company’s ninth new build, Multi-Purpose Floater hull, combined with several"

An insurance policy that protects movable assets or several types of risks under a single, flexible contract rather than separate policies for each item. Think of it as an all-in-one safety net that follows assets as they move or are used for different purposes; investors care because it limits the company’s surprise losses and insurance costs, which can affect earnings predictability and the balance sheet.

market abuse regulation regulatory

"inside information 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 guidelines"

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.

AI-generated analysis. Not financial advice.

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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.