SBM Offshore: revenues and EBITDA doubled in H1, record order backlog at $35.6bn
SBM Offshore published interim accounts on August 6, 2026 marked by a doubling of its revenues and EBITDA on a Directional basis, driven mainly by Turnkey activity and the sale of the FPSO One Guyana.
The group raised its revenue and EBITDA targets for the fiscal year, while bringing its order backlog to a record level of $35.6bn.
Directional revenues and EBITDA double in the first half
In the first half of 2026, Directional revenue reached $4.9bn, up 112% compared to the same period in 2025. Growth was driven primarily by Turnkey activity, whose revenues rose to $3,713m from $1,322m a year earlier, representing 76% of total Directional.
This increase is attributed to the sale of the FPSO One Guyana in February 2026, the sale of a 45% stake in the FSO Chalchi to NYK in June 2026, contracts awarded for FPSO SEAP I and SEAP II and the FEED for the Longtail project, as well as progress in the construction of the FPSO GranMorgu. Lease and Operate activity grew 21% to $1,191m.
Directional EBITDA reached $1,310m, up 92% from $682m in the first half of 2025, also supported by Turnkey ($813m versus $225m). Net profit attributable to the group on a Directional basis was $826m, or $4.90 per share, compared to $274m and $1.57 a year earlier.
Record order backlog and net debt reduction
The Directional pro forma order backlog increased by $4.5bn to reach $35.6bn at end-June 2026, following the award of SEAP I and SEAP II contracts, FEED contracts for the Longtail project and the extension of the FPSO N'Goma lease and operate contract until 2028, partly offset by backlog consumption during the period (approximately $4.9bn) and the partial sale of the FSO Chalchi.
The group notes that this backlog provides visibility on cash flows through 2050. Directional net debt fell by $1,971m, decreasing from $5,651m at end-2025 to $3,680m on June 30, 2026, notably thanks to proceeds from the sale of the FPSO One Guyana, primarily used for full repayment of the $1,740m project financing.
At June 30, 2026, cash and undrawn confirmed credit facilities totalled $2,369m. Over 70% of Directional debt consists of non-recourse project financings ($3.3bn).
2026 guidance raised and interim dividend of $100m
SBM Offshore raised its 2026 targets: Directional revenue is now expected at around $7.6bn, versus more than $6.9bn previously, and Directional EBITDA at around $1.9bn, versus approximately $1.8bn previously.
The group announced payment of an interim cash dividend of $100m, or €0.5075 per ordinary share, payable on September 3, 2026, in addition to the $100m already paid in May. The $270m share buyback programme is approximately 44% complete.
The group also reported the order of a new Fast4Ward hull, the thirteenth, and confirms it is targeting a return to shareholders of at least $2.1bn over the six-year period through 2031. Three projects are under construction: FPSO Jaguar and GranMorgu and FSO Chalchi.
