SBM Offshore said it is on track to bring three major FPSOs online in 2025, with FPSO Almirante Tamandaré, FPSO Alexandre de Gusmão, and FPSO ONE GUYANA progressing steadily toward key milestones.
Chief Executive Officer, Øivind Tangen, confirmed this in the company’s first quarter trading update. “We are on track to deliver three major vessels this year,” he said, pointing out that FPSO Almirante Tamandaré achieved first oil in February 2025 and is now formally on hire.
He added, “FPSO Alexandre de Gusmão is progressing to achieve first oil around mid-year.” The vessel arrived in Brazil in March 2025, and SBM has completed its hook-up and installation.
FPSO ONE GUYANA arrived safely in Guyana, with first oil targeted for the third quarter of 2025. The installation and hook-up campaign is progressing.
Tangen said the projects demonstrate SBM’s operational strength. “Our first quarter results highlight the company’s strong performance across all segments,” he said. “They also demonstrate the resilience of our business model.”
He noted too, “We are set to be able to offer a near zero market-ready FPSO by the end of 2025.”
SBM Offshore’s Directional revenue rose 27% to US$1.1 billion in Q1 2025, compared to the same period last year. Turnkey revenue nearly doubled to US$627 million, driven by progress on FPSO GranMorgu and FPSO Jaguar. FPSO Jaguar’s Fast4Ward® MPF hull has been delivered, with topside fabrication underway. First oil is expected in 2027.
The company’s Directional Lease and Operate revenue fell to US$476 million, mainly due to the sale of FPSOs Prosperity and Liza Destiny in late 2024. This was partially offset by FPSO Almirante Tamandaré joining the fleet.
Tangen stated, “Our pro-forma Directional backlog of US$35.1 billion is backed by firm contracts from premium clients with inflation protection.”
From that backlog, SBM Offshore expects to generate US$9.5 billion. Tangen added, “We continue to expect that we will deliver a minimum US$1.7 billion cash return to shareholders up to 2030.”
In April, SBM Offshore completed a US$400 million sale and leaseback for FPSO Cidade de Paraty. It also refinanced and increased its unsecured revolving credit facility to US$1.1 billion.
“We are confident in our ocean infrastructure experience and the expert capabilities of our teams,” said Tangen. “Our strategy delivers and it pays.”
SBM Offshore is the builder and operator of the Liza Destiny, Liza Unity, and Prosperity FPSOs currently producing oil offshore Guyana. The company is also constructing the ONE GUYANA and Jaguar FPSOs for additional projects sanctioned by ExxonMobil for its Stabroek Block operations.
Its role in Guyana goes beyond oil production, with growing community engagement projects creating long-lasting impacts on local economies.
