SBM Offshore Q3 2026: Strong Financial Performance and Growth Outlook

SBM Offshore has reported a very strong third quarter in 2026, with higher revenue, improved financial performance and good progress across its major projects.

1. Financial performance

• Revenue increased by 77% to US$6.3 billion compared with the same period last year.

• Full-year revenue forecast has increased from US$7.6 billion to US$7.9 billion.

• Expected EBITDA (operating profit) has increased to more than US$1.95 billion.

• Net debt reduced by 36% to US$3.6 billion, mainly following the sale of FPSO ONE GUYANA.

2. Project progress

SBM Offshore currently has five major projects under development:

• Jaguar: More than 75% complete. First oil expected in 2027.

• Chalchi: Construction progressing as planned.

• GranMorgu: More than 50% complete. First oil expected in 2028.

• SEAP II: Engineering and procurement progressing. Delivery expected in 2030.

• SEAP I: Engineering and procurement progressing. Delivery expected in 2031.

• Longtail: Design work progressing as planned.

Overall, projects are progressing well and remain on schedule.

3. Fleet performance

• Fleet availability remains very strong at 99%.

• The fleet produces more than 2 million barrels of oil equivalent per day.

• No fatalities or permanent injury incidents were reported during Q3.

4. Future opportunities

• The FPSO market remains strong, with 16 potential opportunities expected over the next three years.

• SBM Offshore has two additional hulls under construction to support future projects.

• The company plans to remain selective and focus on projects that offer good financial returns.

5. Shareholder returns

• An interim dividend of US$100 million has been paid.

• The US$270 million share buyback programme is approximately 72% complete.

• SBM Offshore remains committed to returning at least US$2.1 billion to shareholders by 2031.

Key message – What does this mean?

SBM Offshore is performing strongly and is in a good position for future growth.

Revenue and profit expectations have increased, debt has reduced, operational performance remains excellent and major projects are progressing well.

The company also sees strong future demand for FPSOs and has the capacity to take on new opportunities.

The main priorities remain:

1. Deliver existing projects safely, on time and within budget.

2. Maintain high fleet performance.

3. Win new projects with attractive financial returns.

4. Continue reducing financial risk.

5. Deliver long-term value to shareholders.

Source: SBM Offshore Third Quarter 2026 Trading Update, 12 November 2026.

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Sourcer: SBM Offshore