SBM Offshore reported a 216% increase in directional revenue to US$3.489 billion (approx. GYD $727 billion) in the first quarter of 2026, driven largely by activity tied to Guyana’s offshore oil developments and the sale of the ONE GUYANA floating production, storage, and offloading (FPSO) vessel.
The company released the figures in its First Quarter 2026 Trading Update published on May 7. It also raised its full-year directional revenue guidance to above US$6.9 billion (approx. GYD $1.44 trillion).
“Directional revenue increased by more than 200% to US$3,489 million in the first quarter of 2026, compared with US$1,103 million in the same period last year, mainly driven by the Turnkey segment,” the company stated.
“The increase of more than US$2.2 billion (GYD $459 billion) compared with US$627 million [GY$131 billion] in the same period last year was primarily driven by the sale of FPSO ONE GUYANA in February 2026 and the allocation of a Fast4Ward® MPF hull to the Longtail development project,” SBM Offshore added.
SBM also reported that lease and operating revenue rose 28% to US$610 million (GY$127 billion), from US$476 million (GY$99 billion) in the same period last year. SBM Offshore attributed the increase to three FPSOs joining its fleet in 2025, including ONE GUYANA.
The company said directional net debt fell 43% to US$3.2 billion (GYD $667 billion), supported by proceeds from the ONE GUYANA sale.
Chief Executive Officer Øivind Tangen said the company delivered a “solid start to the year”, supported by “good project progress and high uptime across the fleet”.
“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,” he said.
The ONE GUYANA FPSO is the largest production vessel operating offshore Guyana, with a nameplate production capacity of 250,000 barrels of oil per day.
Designed and built by SBM Offshore for ExxonMobil Guyana, the vessel was delivered in April 2025 and began production later that year in the Stabroek Block.
ExxonMobil operates Guyana’s Stabroek Block with a 45% stake, with co-venturers Hess 30%, and CNOOC 25%. The Stabroek Block’s estimated resource base is approximately 11 billion barrels of oil-equivalent.
