Highlights
- 112% increase in year-to-date Directional[1] revenue of US$4.9 billion
- 92% increase in year-to-date Directional EBITDA of US$1.3 billion
- Record US$6 billion pro-forma Directional backlog; US$8.0 billion Directional net cash backlog[2]
- Increase in full year 2026 Directional revenue guidance from above US$6.9 billion to around US$7.6 billion
- Increase in full year 2026 Directional EBITDA guidance from around US$1.8 billion to around US$1.9 billion
- FPSO SEAP I and SEAP II contracts awarded by Petrobras
- One new Fast4Ward® hull ordered, driven by strong FPSO market outlook
- Interim cash dividend of US$100 million[3] or EUR0.5075 per ordinary share payable on September 3, 2026
- US$100 million cash dividend for 2025 paid[4]; US$270 million share repurchase program on track, c. 44% completed[5]
Øivind Tangen, CEO of SBM Offshore, commented:
'SBM Offshore entered 2026 with strong momentum and delivered a strong performance in the first half of 2026, underpinned by disciplined execution across our portfolio and the sale of FPSO ONE GUYANA. In an increasingly complex and volatile environment, these results highlight the resilience of our business model. Directional revenue increased to US$4.9 billion and Directional EBITDA to US$1.3 billion in the period. Supported by this robust performance and continued progress across our portfolio, we are increasing both our Directional revenue and EBITDA guidance for 2026.
The awards for FPSOs SEAP I and SEAP II from Petrobras, together with the Front End Engineering and Design (FEED) award for ExxonMobil Guyana’s Longtail development project, underline SBM Offshore’s competitive position and the continued relevance of our Fast4Ward program. These awards build on a strong pipeline of opportunities including projects with high gas handling capacity, and support our confidence in the low-cost, low-carbon deepwater market. The recent order of our 13th Fast4Ward® hull further supports our disciplined pursuit of high-quality value-adding opportunities.
We continue to execute our portfolio as planned, with three projects currently under construction: FPSO Jaguar, FPSO GranMorgu and FSO Chalchi. Executing multiple large-scale projects simultaneously demonstrates the strength of our execution model. Through standardization, project phasing, design replication and strategic partnerships, we create additional capacity for disciplined growth.
Our full lifecycle approach remains a key differentiator for our clients and our strategy to advance the core. Across a fleet of 16 units, with an average daily production of over two million barrels of oil equivalent in June 2026, we continue to deliver strong uptime, safe operations and reliable performance for our clients.
Supported by strong operational delivery and recent awards, our backlog increased to US$35.6 billion. This contracted backlog provides clear visibility on future activity and cash flows, supporting our commitment to pay a US$100 million interim dividend in September on top of the US$100 million paid in May and the ongoing US$270 million share buyback. Based on this we remain on track to deliver a minimum of US$2.1 billion to shareholders over the six-year period to 2031, with further upside potential from our robust pipeline of opportunities.
Looking ahead, we remain confident in the long-term fundamentals of the deepwater market, supported by robust tendering activity and increasing demand for larger and increasingly complex FPSOs. Our priorities remain clear: delivering our project portfolio safely, on time, on budget; capturing profitable new business opportunities, and growing value for our stakeholders.
I would like to thank our teams for their continued dedication and unwavering commitment to safety and operational excellence.'
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Source: SBM Offshore
