SBM Offshore Sells FPSO One Guyana to ExxonMobil for $2.32 Billion
SBM Offshore and ExxonMobil Guyana Ltd finalized the purchase transaction of the FPSO ONE GUYANA on February 4, 2026. The floating unit, operational since August 2025, is changing ownership while still being operated by SBM Offshore until 2035.
The transaction involves the sale of the FPSO ONE GUYANA to ExxonMobil Guyana Ltd, a subsidiary of Exxon Mobil Corporation. The sale occurred before the maximum term of the lease, which would have expired in August 2027. The consideration amounted to approximately $2.32 billion in cash. SBM Offshore will continue to be responsible for the operation and maintenance of the unit until 2035, under an integrated model that combines the expertise of both partners.
Financial Implications of the Sale
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The net proceeds from the sale were primarily used for the full repayment of the project financing, which amounted to $1.74 billion. This use of funds resulted in a substantial reduction in SBM Offshore's net debt position. The complete impact of the transaction will be incorporated into the company's 2026 guidance, which will be presented during the publication of the 2025 annual results on February 26, 2026.
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.
