SBM Offshore Raises 2026 Guidance as FPSO Awards Lift Backlog to $35.6 Billion
SBM Offshore reported first-half 2026 Directional revenue of $4.90 billion and Directional EBITDA of $1.31 billion, supported by the sale of FPSO ONE GUYANA, progress on its construction portfolio and new work for Petrobras and ExxonMobil Guyana. The company raised full-year Directional revenue and EBITDA guidance to approximately $7.6 billion and $1.9 billion, respectively. Pro-forma Directional backlog reached $35.6 billion, while projects under execution include FPSO Jaguar, FPSO GranMorgu, FSO Chalchi and the newly awarded FPSOs SEAP I and SEAP II.
Confirmed developments: SBM Offshore’s first-half 2026 results show a substantial expansion of its contracted floating-production workload. Petrobras awarded contracts for FPSOs SEAP I and SEAP II, including design, construction and an initial 6.5-year operations and maintenance period. ExxonMobil Guyana released funds for Longtail FEED work and allocation of a Fast4Ward hull, although the full construction, installation and operations scope remains conditional on government approvals, final investment decision and a subsequent work release. SBM also completed the $2.321 billion sale of FPSO ONE GUYANA to ExxonMobil Guyana while retaining operations and maintenance responsibility through 2035.
Execution remains concentrated across several large projects. FPSO Jaguar, FPSO GranMorgu and FSO Chalchi were each reported between 50% and 75% complete. Jaguar’s process modules have been installed and first oil remains expected in 2027. GranMorgu’s hull completed its second dry-dock launch and first oil remains expected in 2028. For FSO Chalchi, SBM completed a 45% divestment to NYK, retained 55%, and secured $465 million of project financing. SBM also received a two-year extension for N’Goma FPSO through December 2028.
The company’s installation strategy broadened through a joint venture with Solstad Offshore for a new multipurpose deepwater installation and construction vessel targeted for delivery in the first half of 2029. SBM will charter the vessel for its projects, while third-party employment may be pursued when it is not required by SBM.
Analytical interpretation: the rise in backlog to $35.6 billion and the ordering of a thirteenth Fast4Ward hull indicate confidence in a sustained market for large, standardized FPSOs. However, part of the Longtail opportunity remains pre-FID and should not yet be treated as a full FPSO award. The combination of increased construction commitments, five Fast4Ward hulls under construction and a dedicated installation-vessel investment points to a larger forward procurement and marine-construction requirement. These relationships and project links are extracted for analyst review and are not database-verified.