SBM Offshore Lifts Full-Year Guidance a Third Time on FPSO Sales

SBM Offshore raised its full-year revenue guidance to about $7.9 billion on Thursday, up from $7.6 billion, in the Dutch floating production specialist's third upgrade this year. The company also lifted its directional EBITDA outlook for 2026 to more than $1.95 billion, against a previous forecast of around $1.9 billion.

The driver is clear enough: the turnkey unit, which builds and sells floating production vessels to oil and gas companies, grew sales 132% year on year to $4.6 billion. The February sale of the FPSO One Guyana, along with other contracts, did most of the heavy lifting.

What did the quarter deliver?

Year-to-date directional revenue climbed 77% to $6.3 billion, the company said in a statement. Directional net debt fell 36% from year-end 2025 to $3.6 billion.

The leased and operated fleet kept pace. SBM Offshore said its vessels are producing more than 2 million barrels of oil equivalent per day, with uptime running at around 99%.

In short, the company is selling more units while running the fleet it still owns at near-full utilization.

How does the FPSO pipeline look?

CEO Oivind Tangen pointed to a backlog of prospects rather than a single project. "The FPSO market outlook remains strong, with 16 opportunities in our sweet spot expected over the next three years," Tangen said in a statement.

Those opportunities represent appraisal-stage pipeline, not sanctioned work — the company has flagged them as targets, and conversion into firm contracts will depend on operator investment decisions. The One Guyana sale, by contrast, is delivered revenue, booked against ExxonMobil's deepwater development offshore Guyana.

The takeaway: SBM Offshore's guidance rests on completed sales, while the growth story ahead depends on how many of those 16 prospects convert.

What's the watch item?

Investors will be watching whether the turnkey order book keeps feeding itself. A third guidance raise in a single year sets a high bar, and the 2026 EBITDA figure above $1.95 billion now frames expectations for the next reporting cycle.

The number to track is conversion — how many of the 16 identified FPSO opportunities land as signed contracts over the coming quarters.