SBM Offshore reported Directional revenue of US$5.1 billion for the full year 2025, with Directional earnings before taxes, interest, depreciation and amortization (EBITDA) of US$1.7 billion. This comes as the company expanded its fleet and advanced major projects in Guyana and Suriname.
The results were released today with Chief Executive Officer (CEO) Øivind Tangen: “2025 was a year of strong delivery for SBM Offshore.” He said the company “flawlessly” started three of the world’s largest deepwater floating production, storage and offloading (FPSO) vessels within six months.
He said this performance underscores “the value inherent in our expertise across the floating production storage and offloading vessel lifecycle” and is reflected in “our results with Directional revenue reaching US$5.1 billion and Directional EBITDA at US$1.7 billion.”
The addition of three new units brought the fleet to 16 FPSOs. Total daily production reached almost two million barrels of oil equivalent by the end of 2025.
SBM Offshore has FPSOs operating in Brazil, Guyana, and Suriname.
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Directional revenue declined 17% year-on-year to US$5,066 million from US$6,111 million in 2024. The decrease was driven mainly by lower Turnkey revenue, which fell to US$2,772 million from US$3,743 million. The 2024 figure reflected revenue from the sale of the Prosperity and Liza Destiny FPSOs in Guyana in the fourth quarter of that year, the 13.5% divestment of FPSO Sepetiba in Brazil, and the completion of that unit.
Lease and Operate revenue stood at US$2,295 million, down 3% from US$2,369 million in 2024. The reduction reflected FPSOs Liza Destiny and Prosperity contributing to operations and maintenance contracts in 2025 after being purchased by the client in late 2024, along with a lower reimbursable scope across the fleet. It was partly offset by FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA joining the fleet following delivery in 2025.
Directional EBITDA decreased 10% to US$1,709 million from US$1,896 million, mainly due to the Turnkey segment. Directional net profit fell by about US$200 million to US$677 million, or US$3.91 per share.
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In Guyana, the construction of FPSO Jaguar for ExxonMobil is progressing under the Sale and Operate model. Work is also advancing on FPSO GranMorgu for TotalEnergies in Suriname and FSO Chalchi for Woodside in the Gulf of Mexico. Two additional Fast4Ward® multi-purpose floaters are under construction to support the tendering pipeline.
On decarbonization, the company achieved Approval in Principle from ABS for an FPSO design integrating carbon capture technology developed with Mitsubishi Heavy Industries, allowing for up to 80% reduction in greenhouse gas emissions. It also secured approvals for a Blue Ammonia FPSO design and an offshore CO2 loading solution, and signed a memorandum of understanding with Veolia to develop floating desalination units.
