SBM Offshore has reported another strong quarter, underscoring the success of its Guyana operations as its ONE GUYANA floating production, storage and offloading (FPSO) vessel begins full production, and ExxonMobil considers exercising its purchase option for the vessel in early 2026.
Chief Executive Officer Øivind Tangen, in the company’s 2025 third-quarter trading update, said SBM Offshore continues to deliver “strong performance across its operational and construction portfolios,” highlighting the company’s ability to execute complex projects across the globe with consistency and reliability.
He said three major FPSO units achieved first oil this year, bringing SBM Offshore’s fleet to 17 vessels with a combined capacity of 2.7 million barrels per day. Among them, ONE GUYANA is the largest production unit in Guyana with a nameplate capacity of 250,000 barrels of oil per day.
SBM Offshore’s Directional Turnkey revenue rose sharply to US$1.96 billion in the third quarter of 2025 from US$1.03 billion a year earlier, driven largely by construction progress on the Jaguar and GranMorgu FPSO projects under the Sale and Operate model. The company’s Directional Net Debt stood at US$5.8 billion, a 2% increase year-on-year, reflecting high activity levels and temporary financing needs.
Lease and Operate revenue, however, fell to US$1.61 billion year-to-date, down from US$1.80 billion last year, mainly due to lower contributions from the Liza Destiny and Prosperity units, which were sold in late 2024. This was partly offset by revenue from new FPSOs, including ONE GUYANA.
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SBM Offshore said ExxonMobil Guyana has indicated it may acquire ONE GUYANA before its maximum lease term ends in August 2027. The vessel’s performance has reinforced SBM Offshore’s position as a key partner in Guyana’s oil production growth.
Meanwhile, construction continues on the Jaguar FPSO for ExxonMobil Guyana, which is scheduled for first oil in 2027. Work on its Fast4Ward® hull and topsides fabrication is progressing as planned.
Tangen said the company remains focused on disciplined growth, digital transformation, and sustainability. He pointed to strategic collaborations with Cognite and SLB to “enhance digital asset management of our fleet by deploying an AI-driven data platform” aimed at improving safety and operational efficiency.
Looking ahead, SBM Offshore plans to expand its low-carbon portfolio, recently securing Approval in Principle from the American Bureau of Shipping for its Blue Ammonia FPSO design.
“These achievements reflect the dedication and expertise of our global teams,” Tangen said. “Looking ahead, we remain focused on disciplined growth and long-term value creation delivered by a team with a culture of excellence.”
