SBM Offshore reported a record directional EBITDA (earnings before interest, taxes, depreciation, amortization) of US$1.9 billion for 2024, a 44% increase from the previous year.
The earnings were driven in part by ExxonMobil’s purchases of the Prosperity and Liza Destiny floating production, storage and offloading (FPSO) vessels. The Dutch-based company also posted a record directional revenue of US$6.1 billion, up 35% year-on-year, in line with its guidance.
The strong performance lifted SBM Offshore’s directional backlog to a record US$35.1 billion, supported by three new contract awards in 2024. The company expects to generate US$9.5 billion in net cash from the backlog, translating to almost 52 euros per share.
CEO Øivind Tangen said, “Our Fast4Ward program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA.”
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SBM Offshore announced a 30% increase in total cash returns to shareholders, raising its fixed cash return to US$1.59 per share. This comprises a proposed US$155 million dividend and a US$150 million share repurchase program. Over the next six years, the company plans to return a minimum of US$1.7 billion to shareholders.
Looking ahead, SBM Offshore has set its 2025 guidance with directional revenue expected to exceed US$4.9 billion and directional EBITDA projected at around US$1.55 billion.
SBM Offshore sees strong prospects for deepwater developments, citing 16 potential projects in its core market of large and complex FPSOs over the next three years, particularly in Brazil, Guyana, Suriname, and Namibia. The company has ordered its 10th multi-purpose floater (MPF) hull, with two hulls designated for ongoing tendering activities.
Beyond oil and gas, SBM Offshore is accelerating its energy transition efforts. In 2024, the company established Ekwil, a joint venture with Technip Energies, to enhance its floating offshore wind portfolio. Additionally, it completed a minority equity investment in Ocean-Power in early 2025 to develop lower-emission power solutions.
“We are now able to offer a market-ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs,” Tangen added.
