SBM Offshore’s net profit attributable to shareholders for the full year 2025 decreased by 25% to $677m, from $907m in 2024.
Directional earnings per share of the company for 2025 was $3.91, a 23% decline compared to $5.08 in the previous year.
The company’s directional revenue for 2025 stood at $5.1bn, a 17% year-on-year decline from $6.1bn in 2024. The revenue drop was largely due to lower turnkey activity following a high base year of floating production storage and offloading (FPSO) asset sales and completions.
Directional turnkey revenue fell by 26% to $2.8bn from $3.7bn in 2024, reflecting the non-recurrence of the FPSO Prosperity and Liza Destiny asset sales in Q4 2024.
This decline was also influenced by the 13.5% divestment of FPSO Sepetiba to China Merchant Financial Leasing and the completion of the same vessel in January 2024.
Directional Lease and Operate revenue declined 3% to $2.3bn from $2.4bn, partially offset by the fleet additions of the FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA following their successful delivery in 2025.
Directional earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 10% to $1.7bn from $1.9bn in 2024, primarily due to weakness in the Turnkey segment, where EBITDA fell 23% to $561m from $724m.
Directional Lease and Operate EBITDA held relatively steady at $1.2bn, compared to $1.3bn in 2024, a 2% decrease, supported by new fleet deliveries.
On an International Financial Reporting Standards basis, EBITDA rose 78% to $1.9bn from $1bn in 2024, reflecting differing accounting treatments of lease contracts.
SBM Offshore CEO Øivind Tangen said: “2025 was a year of strong delivery for SBM Offshore. Our teams have once again raised the bar in operational excellence by flawlessly starting three of the world's largest and most complex deep-water FPSOs in a span of just six months.
“This performance underscores the value inherent in our expertise across the FPSO life cycle and is reflected in our results, with directional revenue reaching $5.1bn and directional EBITDA at $1.7bn.”
For 2026, SBM Offshore has set a directional revenue guidance baseline of around $6.5bn, a projected 28% increase from 2025. This comprises approximately $2.2bn from Lease and Operate and around $4.3bn from Turnkey.
Directional EBITDA guidance for 2026 stands at a baseline of approximately $1.8bn, a 5% improvement from 2025's Directional EBITDA.
Three major construction projects, FPSO Jaguar for ExxonMobil in Guyana, FSO Chalchi for Woodside in the Gulf of Mexico and FPSO GranMorgu for TotalEnergies in Suriname, remain on track and are expected to underpin revenue growth in the coming years.
