SBM Offshore and Solstad Seal Joint Venture for Deep-Water Infrastructure Installation Vessel
SBM Offshore and Solstad Offshore have established a joint venture and signed a letter of intent with a shipyard to order a next-generation multipurpose vessel designed for the installation of oceanic infrastructure. The vessel is scheduled for delivery in the first half of 2029.
Partnership to Enhance Deep-Water Installation Capabilities
SBM Offshore and Solstad Offshore have formed a joint venture that has concluded a letter of intent with a selected shipyard to order a multipurpose deep-water installation and construction vessel. The new vessel will support the installation of oceanic infrastructure, including Floating Production Storage and Offloading (FPSO) units.
This partnership builds on the operational success of the Normand Installer and combines SBM Offshore's installation expertise with Solstad Offshore's proven experience in offshore vessel operations. It is designed with an optimized architecture for installing oceanic infrastructure in both shallow and deep waters.
Joint Venture Structure and Operating Terms
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SBM Offshore will hold a 49.9% stake in the joint venture company, while Solstad Offshore will hold 50.1%. Solstad Shipping will manage the vessel, while SBM Offshore will charter it for its own projects. When not required for SBM Offshore's installation projects, the joint venture will be able to charter it to third parties.
The new vessel will enable SBM Offshore to maintain its comprehensive full life cycle offering (EPCIO) and create additional competitive advantages through improved delivery reliability and the integration of additional offshore installation work scopes. This will reduce execution risk for clients and enhance the predictability of EPCIO schedule and cost.
Scheduled Delivery in the First Half of 2029
The new vessel is expected to be delivered in the first half of 2029. This acquisition is part of SBM Offshore's ambition to contribute to the development of a sustainable blue economy through oceanic infrastructure.
We have increased our revenue guidance versus the initial baseline and these results highlight the resilience of our business model.
Risks mentioned
Environnement de marché de plus en plus complexe et volatil mentionné par le CEO
Fin de la fabrication des topsides de FPSO Jaguar réduisant sa contribution au chiffre d'affaires
Attribution finale du contrat Longtail soumise à approbations gouvernementales et décision finale d'investissement du client
Opportunities identified
Attribution des contrats FPSO SEAP I et SEAP II par Petrobras renforçant le backlog
Commande d'une 13e coque Fast4Ward portée par de solides perspectives du marché FPSO
Backlog pro-forma record de 35,6 milliards de dollars offrant une visibilité jusqu'en 2050
Outlook / guidance
Expected revenue: 7 600 millions de dollars
Expected EBITDA: 1 900 millions de dollars
Management commentary: The Company's 2026 Directional revenue guidance is increased to around US$7.6 billion, of which around US$2.4 billion is expected from the Lease and Operate segment and around US$5.2 billion from the Turnkey segment.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
