Dutch floating production specialist SBM Offshore raised its 2026 revenue guidance on Thursday after first-quarter directional revenue more than tripled, driven mainly by its turnkey business and the sale of One Guyana.
The company sold One Guyana, a floating production, storage and offloading vessel (FPSO), to ExxonMobil in February for $2.3 billion.
The Amsterdam-listed company said year-to-date directional revenue rose 216% to $3.49 billion from $1.10 billion a year earlier, and lifted its full-year directional revenue outlook to above $6.9 billion from around $6.5 billion.
It maintained its 2026 directional EBITDA baseline guidance at around $1.8 billion and said directional net debt fell 43% to $3.2 billion at end-March.
SBM said the increased revenue outlook reflected the Longtail FEED award, an early-stage engineering contract for a potential new FPSO vessel in Guyana, and additional scope of work secured in the period.
Its turnkey division revenue rose 359% to $2.88 billion, while lease and operate revenue increased 28% to $610 million.
"There's certainly upside" to SBM's six-year, $2.1 billion shareholder return plan, CFO Douglas Wood told Reuters, citing backlog upside and potential vessel additions.
SBM, which joined the AEX .AEX index in March 2026, said it had ordered two additional Fast4Ward hulls to support tendering activity, citing a strong outlook for the floating production storage and offloading market.
CEO Øivind Tangen said SBM Offshore did not currently expect geopolitical tensions, including in the Middle East, to have a material impact on its operations, projects or financial position.
"If anything, the situation in the Middle East has proven the need for a well-diversified source of oil," Tangen said, adding that this underscored the importance of the Atlantic basin deep-water market.
The company uses directional reporting, which books revenue from construction-phase payments before leases begin.
(Reuters - Reporting by Hugo Lhomedet; Editing by Matt Scuffham)
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