SBM Offshore’s Guyana portfolio featured prominently in a strong first-half performance that saw Directional revenue more than double to US$4.9 billion and Directional EBITDA climb 92% to US$1.31 billion.
The Dutch floater specialist also raised its full-year 2026 revenue guidance from above US$6.9 billion to around US$7.6 billion and increased its EBITDA forecast from approximately US$1.8 billion to US$1.9 billion.
The company’s results were significantly influenced by its Guyana operations, particularly the February sale of the ONE GUYANA floating production, storage and offloading vessel to ExxonMobil Guyana.
OilNOW reported that ExxonMobil completed the acquisition for US$2.32 billion, giving the Stabroek Block operator ownership of all four SBM-built FPSOs currently producing offshore Guyana.
SBM said the ONE GUYANA transaction was among the main factors pushing Directional Turnkey revenue to US$3.71 billion, up 181% from the corresponding period in 2025. The vessel also generated charter revenue until its purchase and continued contributing revenue under its operating contract throughout the first half of 2026.
The net cash proceeds were used primarily to fully repay US$1.74 billion in project financing associated with the FPSO. This contributed to SBM’s Directional net debt falling from US$5.65 billion at the end of 2025 to US$3.68 billion at June 30—a reduction of approximately US$1.97 billion.
Chief Executive Officer Øivind Tangen said the company’s performance was “underpinned by disciplined execution across our portfolio and the sale of FPSO ONE GUYANA.”
Jaguar passes major construction milestone
SBM also reported significant progress on the Jaguar FPSO, which is being built for ExxonMobil’s Whiptail development in the Stabroek Block.
The 250,000-barrel-per-day vessel is now between 50% and 75% complete. Topsides fabrication is nearing completion, all process modules have been lifted aboard the hull, and integration and commissioning activities are proceeding according to plan. First oil remains targeted for 2027.
The update marks considerable progress since March, when SBM said the FPSO had been relocated quayside in Singapore and the installation of its first topsides modules had started. Jaguar will serve Whiptail, ExxonMobil’s sixth Stabroek Block development, and is expected to help raise Guyana’s offshore production capacity to more than 1.4 million barrels per day.
SBM’s backlog assumes ten years of operations and maintenance work for Jaguar, as agreed in principle, although a final work order remains outstanding. The company has also included ten years of operations and maintenance services for the Liza Destiny, Liza Unity, Prosperity and ONE GUYANA FPSOs.
Longtail engineering progressing
Front-end engineering and design work for ExxonMobil’s proposed Longtail development is also progressing as planned, SBM said.
A Fast4Ward hull has already been allocated to the project. However, the value currently included in SBM’s backlog is limited to the initial release of funds for FEED work and hull allocation. Full construction, installation and operations awards remain subject to Guyana government approvals, ExxonMobil’s final investment decision and a final work order.
Longtail is ExxonMobil’s eighth proposed Stabroek Block development and would be Guyana’s first offshore project focused on non-associated gas. Its FPSO is being designed to process 1.2 billion cubic feet of gas per day and produce 250,000 barrels of condensate daily. SBM has also said the project would include locally sourced fabrication work and the integration of Guyanese engineers into its execution and operational teams.
SBM ended June with a record US$35.6 billion pro-forma Directional backlog, providing revenue and cash-flow visibility through 2050. The company said its Guyana work, including ONE GUYANA, Jaguar and Longtail, remains central to a portfolio increasingly focused on large and technically complex deepwater developments.
