SBM Offshore’s Turnkey revenue doubled in the first half of 2025 to US$1.32 billion, up from US$662 million in the same period last year. According to its half-year report, this was driven by construction progress on the Jaguar and GranMorgu floating production, storage and offloading vessels (FPSOs) under the company’s Sale and Operate model.
This surge in Turnkey activity was the main contributor to the 26% rise in total Directional revenue, which reached US$2.31 billion for the period. The increase was partially offset by the completion of the Sepetiba FPSO in January 2024 and a slowdown in construction on the Almirante Tamandaré, Alexandre de Gusmão, and ONE GUYANA FPSOs as these units approached completion.
Directional Lease and Operate revenue declined by 16% year-on-year to US$988 million. SBM attributed the decrease to the Liza Destiny and Prosperity FPSOs contributing only as operating contracts after being sold to the client in late 2024, and a reduction in reimbursable scope across the fleet. This was partially balanced by the addition of the Almirante Tamandaré and Alexandre de Gusmão FPSOs to the fleet and increased ownership in the N’Goma, Saxi Batuque, and Mondo FPSOs following transactions in mid-2024.
Directional EBITDA rose 10% to US$682 million, supported by a turnaround in Turnkey EBITDA, which improved from a loss of US$12 million to a positive US$225 million. (EBITDA = earnings before interest, taxes, depreciation, and amortisation)
SBM said this was due to full-margin recognition for the Jaguar FPSO after reaching its 25% completion milestone in late 2024, early contribution from the GranMorgu FPSO after reaching a key completion stage in Q2 2025, and the successful delivery of the Almirante Tamandaré and Alexandre de Gusmão FPSOs.
Lease and Operate EBITDA dropped to US$497 million from US$679 million. SBM cited the same drivers that impacted Lease and Operate revenue, along with the effects of its transaction with Malaysia’s MISC Berhad in the first half of 2025, acquiring interest in Espirito Santo FPSO and divesting from Kikeh FPSO. Gains from prior-year Sonangol transactions were not repeated.
Non-allocated costs to Directional EBITDA improved 14% year-on-year to US$41 million, due to reduced general and administrative expenses.
SBM recorded a Directional net profit of US$274 million, or US$1.57 per share, up from US$128 million, or US$0.71 per share, in the first half of 2024.
The Jaguar FPSO is SBM Offshore’s fifth project for ExxonMobil in Guyana. SBM Offshore said the GranMorgu FPSO will mark a major step forward in sustainability in Suriname.
