SBM Offshore Reports Revenue Decline but Significantly Increases Shareholder Returns
Dutch ocean infrastructure giant SBM Offshore announced its 2025 results on Thursday, marked by a 17% decline in revenue to $5.1 billion, offset by a remarkable increase in shareholder distributions to $2.57 per share, a 57% rise.
SBM Offshore recorded a directional revenue of $5.066 billion in 2025, down from $6.111 billion in 2024. The decrease primarily stems from a drop in turnkey revenue, which amounted to $2.772 billion compared to $3.743 billion the previous year. The decline reflects the sales of the FPSOs Prosperity and Liza Destiny in the fourth quarter of 2024, as well as the divestiture in October 2024 of a 13.5% stake in the FPSO Sepetiba and its completion in January 2024. Directional net income decreased by about $200 million to reach $677 million, or $3.91 per share. Directional EBITDA fell by 10% to $1.709 billion compared to $1.896 billion in 2024.
Leasing and Operations Financials
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Directional revenue from leasing and operations was $2.295 billion, slightly below the $2.369 billion of the previous year, reflecting the change in status of the FPSOs Liza Destiny and Prosperity, converted into maintenance contracts after their purchase by the client. EBITDA from leasing and operations remained stable at $1.235 billion compared to $1.261 billion in 2024. Directional net debt decreased by $68 million to $5.651 billion as of December 31, 2025. More than two-thirds of this debt, amounting to $5.3 billion, corresponds to non-recourse project financing. Directional cash and cash equivalents stood at $891 million, while unused credit facilities amounted to $2.396 billion.
Outlook for 2026
For 2026, SBM Offshore forecasts a baseline directional revenue of approximately $6.5 billion, with $2.2 billion expected from the leasing and operations segment and $4.3 billion from the turnkey segment. Baseline directional EBITDA is guided at about $1.8 billion. The group announced its intention to pay $2.57 per share to shareholders, corresponding to $440 million, combining a share buyback program of $270 million and cash dividends of $200 million. Over the six fiscal years up to and including 2031, SBM Offshore commits to returning at least $2.1 billion to shareholders.
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.
