SBM Offshore First Quarter 2026 Trading Update
Rhea-AI Summary
SBM Offshore (OTC:SBFFF) reported a strong start to 2026 with Directional revenue of US$3,489m (up 216% YTD) and raised full‑year Directional revenue guidance to above US$6.9bn. Directional net debt fell to US$3.2bn (-43% vs year‑end 2025). Key developments: Longtail FEED award, two new Fast4Ward hull orders, US$100m cash dividend payable May 13, and a US$270m buyback ~18% completed.
The Turnkey segment drove performance (US$2,879m YTD). Fleet uptime was 97.9% and safety recorded zero fatalities or permanent impairment injuries in 1Q26.
AI-generated analysis. Not financial advice.
Positive
- Directional revenue +216% YTD to US$3,489m
- Directional net debt reduced to US$3.2bn (-43%)
- Full‑year Directional revenue guidance raised to above US$6.9bn
- Ordered two additional Fast4Ward MPF hulls to support tendering
Negative
- Directional net debt remains material at US$3.2bn despite reduction
- Guidance excludes potential future FPSO awards, creating upside uncertainty
News Market Reaction – SBFFY
On the day this news was published, SBFFY declined 4.28%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SBFFY was marginally higher (0.11%) while key peers showed mixed to negative moves: WYGPY down 3.89% and TOLWF down 2.57%, with others flat. This points to stock-specific factors rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 22 | Buyback update | Positive | +0.1% | Progress report on EUR227M share repurchase, 14.63% completion disclosed. |
| Apr 15 | AGM resolutions | Positive | -5.1% | AGM approvals including EUR84M cash dividend and leadership reappointments. |
| Apr 15 | Buyback update | Positive | -5.1% | Weekly details on EUR227M buyback with 12.65% program completion reported. |
| Apr 08 | Buyback update | Positive | +0.7% | Ongoing buyback execution with 10.67% of EUR227M program completed. |
| Apr 01 | Buyback update | Positive | +0.5% | Early progress report on EUR227M repurchase with 9.49% completed. |
Recent buyback and AGM news with generally positive tone has produced mostly small positive price reactions, with two notable negative divergences on April 15.
Over the past month, SBM Offshore’s news flow centered on its EUR227 million share repurchase program and the 2026 AGM. Multiple weekly buyback updates since March 26, 2026 detailed steady execution and modestly positive price reactions. The AGM on April 15, 2026 approved a cash dividend of EUR84 million, but the stock fell about 5%, showing occasional divergence between supportive shareholder actions and price behavior. Today’s trading update adds a broader operational and financial context to these capital return measures.
Market Pulse Summary
This announcement reports a sharp increase in YTD Directional revenue to US$3,489 million, a higher 2026 revenue guidance above US$6.9 billion, and reduced net debt to US$3.2 billion, helped by the FPSO ONE GUYANA sale. It also underscores capital returns, including a US$100 million dividend and a US$270 million buyback program. Investors may track execution on key FPSO projects, future awards linked to the Longtail development, and delivery against the US$1.8 billion EBITDA baseline guidance.
Key Terms
feed contract technical
fpso technical
turret mooring system technical
market abuse regulation regulatory
alternative performance measures financial
AI-generated analysis. Not financial advice.
Amsterdam, May 7, 2026
Highlights
216% increase in year-to-date Directional1 revenue of US$3.5 billion - Increase in full year 2026 Directional revenue guidance from around US
$6.5 billion to above US$6.9 billion - Full year 2026 Directional EBITDA baseline guidance maintained around US
$1.8 billion - FEED contract award by ExxonMobil Guyana for the Longtail development project
- Two new Fast4Ward® MPF hulls ordered, driven by strong FPSO market outlook
- Cash dividend of US
$100 million (equivalent to EUR84 million2 or EUR0.5009 per ordinary share) payable on May 13, 2026 - US
$270 million (equivalent to EUR227 million3) share repurchase program on track, c.18% completed4 - Inclusion of SBM Offshore in the AEX index in March 2026
Øivind Tangen, CEO of SBM Offshore, commented:
“We delivered a solid start to the year, underpinned by good project progress and high uptime across the fleet. Our excellence focus and business model resilience provide consistently predictable performance, with Directional revenue of US
Our performance supports our ambition to deliver growth in returns to shareholders. During the first quarter, we increased shareholder returns through a US
Our turnkey portfolio is performing well with a continued strong growth momentum: three projects are under construction and progressing as planned.
Our industry leading Fast4Ward® program, combined with our integrated lifecycle approach and disciplined execution, enhances our ability to deliver large and complex deepwater solutions on time and on budget. This positions SBM Offshore well in a robust FPSO market that is increasingly characterized by projects with significant gas handling requirements. In March, we announced the award of the FEED contracts for the Longtail development project in Guyana. Subject to final investment decision and government approvals, this project would result in the construction of an FPSO with the highest gas handling capacity ever deployed. Similarly, the two FPSOs in the Sergipe-Alagoas basin in Brazil for which we are currently tendering, are both designed with substantial gas processing capacity; the process is progressing well.
Considering the robust market outlook, we have ordered two additional new build Fast4Ward® MPF hulls to support ongoing tendering activities. Of the four hulls on order for future projects, one has been allocated to support the Longtail development project in Guyana. Given our confidence in the FPSO and broader ocean infrastructure market over the long term, we are also working towards the replacement of our joint-venture owned installation vessel towards the end of the decade; this will enable us to maintain our full lifecycle EPCIO offering in ocean infrastructure for the decades to come.
Looking ahead, we will continue to advance our core FPSO business while selectively expanding into adjacent ocean infrastructure opportunities across the blue economy, deploying our proven capabilities where we see attractive and disciplined growth opportunities.”
Financial Overview6
| YTD Directional | ||||
| in US$ million | 1Q 2026 | 1Q 2025 | % Change | |
| Directional Revenue | 3,489 | 1,103 | ||
| Directional Lease and Operate | 610 | 476 | ||
| Directional Turnkey | 2,879 | 627 | ||
| in US$ billion | Mar-31-26 | Dec-31-25 | % Change | |
| Directional Net Debt | 3.2 | 5.7 | - | |
Directional revenue increased by more than
Year-to-date Directional Turnkey revenue stood at US
Directional Lease and Operate revenue came in at US
Directional Net Debt was US
Project Review and Fleet Operational Update
Projects under construction
| Project | Client | Contract | SBM Share | Capacity | Percentage of Completion | Project delivery |
| FPSO Jaguar | ExxonMobil Guyana | Sale & Operate | 250,000 bpd | > | 2027 | |
| FSO Chalchi | Woodside | 20-y Lease & Operate | n/a | > | n/a7 | |
| FPSO GranMorgu | TotalEnergies | Sale & Operate | 220,000 bpd | > | 2028 |
The Turnkey project portfolio is progressing well, and all projects remain on track. An update on the individual ongoing projects is provided below considering the latest known circumstances.
FPSO Jaguar – The topsides fabrication is nearing completion while the modules lifting campaign and their integration continue to progress as planned. First oil is expected in 2027.
FSO Chalchi – Construction activities continue to progress as per plan including the fabrication of the disconnectable turret mooring system. The keel laying milestone has been achieved for the hull.
FPSO GranMorgu – The Fast4Ward® MPF hull and the topsides fabrication work in China continue to progress as per plan. First oil is expected in 2028.
Strategic positioning for new prospects
The strategic positioning of SBM Offshore in the deepwater market is supported by investments in the Company’s Fast4Ward® MPF hull program.
Twelve Fast4Ward® MPF hulls have been ordered to date:
- Eight Fast4Ward® MPF hulls are in operation or delivered to ongoing projects under construction.
- Four Fast4Ward® MPF hulls are under construction. One has been allocated to the Longtail project development in Guyana and three have been ordered to support active tendering with clients driven by the strong FPSO market outlook, with options for further hulls available with three yards.
Given our confidence in the FPSO and broader ocean infrastructure market over the long term, we are also working towards the replacement of our joint-venture owned installation vessel towards the end of the decade. A new vessel will enable us to maintain our full lifecycle EPCIO offering and to create additional competitive advantages through improved reliability and the integration of more offshore installation work scopes. This will in turn reduce execution risk for our clients and improve predictability of our EPCIO schedule and cost.
Fleet update
Fleet uptime – Year-to-date, the fleet uptime was
Safety
Safety – The Company remains focused on maintaining strong safety records. There were zero fatalities or permanent impairment injuries in the first quarter of 2026, in line with the full year target of zero.
Shareholder Returns
On April 15, 2026, shareholders of the Company voted in favor of the proposed US
The Company started a new share repurchase program of US
On this basis a minimum US
Guidance
The Company’s 2026 Directional revenue guidance is increased to above US
2026 Directional EBITDA baseline guidance is maintained around US
We have increased our guidance versus the initial baseline mainly due to the Longtail FEED award and additional scope of work secured over the period. The guidance does not include all potential future FPSO awards and will be updated at the end of the relevant reporting period, if applicable.
Conference Call
SBM Offshore has scheduled a conference call which will be followed by a Q&A session, to discuss the First Quarter 2026 Trading update.
The event is scheduled for Thursday May 7, 2026, at 10:00 AM CEST (08:00 AM UTC) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).
Interested parties are invited to register prior the call using the link: First Quarter 2026 Trading Update
Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.
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 | |
| Half Year 2026 Earnings | August 6 | 2026 | |
| Third Quarter 2026 Trading Update | November 12 | 2026 | |
| Full Year 2026 Earnings | February 18 | 2027 | |
| Annual General Meeting | April 7 | 2027 | |
| First Quarter 2027 Trading Update | May 5 | 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 standardized 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.
1 Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
2 Based on the EUR/US$ forward exchange rate on February 18, 2026.
3 Based on the EUR/US$ forward exchange rate on February 18, 2026.
4 As of May 6, 2026.
5 Including maximum US
6 Numbers may not add up due to rounding.
7 Project delivery not disclosed by the client.
8 Based on the EUR/US$ forward exchange rate on February 18, 2026.
9 The interim dividend is subject to final resolution and is payable in September 2026.
10 Based on the EUR/US$ forward exchange rate on February 18, 2026.
11 Including cash returned in 2026.
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