SBM Offshore Raises 2026 Guidance as FPSO Awards Lift Backlog to Record US$35.6 Billion
SBM Offshore reported first-half 2026 Directional revenue of US$4.9 billion and EBITDA of US$1.31 billion, increases of 112% and 92%, respectively. New Petrobras awards for FPSO SEAP I and FPSO SEAP II, FEED work for ExxonMobil Guyana's Longtail development and an extension for N’Goma FPSO helped raise pro-forma Directional backlog to US$35.6 billion. The company also advanced FPSO Jaguar, FPSO GranMorgu and FSO Chalchi, ordered a thirteenth Fast4Ward hull and formed an installation-vessel joint venture with Solstad Offshore.
Confirmed developments: SBM Offshore increased its full-year 2026 Directional revenue guidance to approximately US$7.6 billion and EBITDA guidance to approximately US$1.9 billion after reporting strong first-half revenue, earnings and project execution. The backlog reached a record US$35.6 billion following the SEAP I and SEAP II awards, limited Longtail FEED funding and an extension of N’Goma FPSO through December 2028. SBM reported that FPSO Jaguar, FPSO GranMorgu and FSO Chalchi were each between 50% and 75% complete, while engineering and procurement had begun for SEAP I and SEAP II. It also completed the sale of FPSO ONE GUYANA, divested 45% of FSO Chalchi-related ownership to NYK and secured US$465 million of FSO Chalchi project financing. Separately, SBM and Solstad Offshore formed a joint venture for a next-generation deepwater installation and construction vessel due in the first half of 2029.
Analyst interpretation: The results indicate sustained demand for standardized, large-capacity FPSOs and provide SBM with long-duration workload visibility through 2050. Ordering an additional Fast4Ward hull before assignment to a specific project suggests confidence in the tender pipeline but also introduces exposure if prospective awards are delayed. The Solstad venture represents a strategic move to secure more installation capability internally and may create future demand across marine construction, mooring and FPSO hook-up supply chains. All extracted relationships are source-supported proposals pending analyst review and are not represented as database-verified.