SBM Offshore H1 Net Profit Triples, Backlog Hits Record $35.6B

SBM Offshore reported a sharp jump in first-half earnings, driven by the sale of an FPSO and new contract awards, as the company raised its full-year guidance and announced a $100 million interim dividend. Net profit attributable to shareholders hit $826 million, or $4.90 per share, up from $274 million a year earlier. Directional revenue rose to $4.9 billion from $2.3 billion, and directional EBITDA more than doubled to $1.31 billion.

The surge came mainly from the Turnkey segment, which includes the sale of FPSO ONE GUYANA in February, the partial divestment of FSO Chalchi, and increased progress on FPSO GranMorgu. The Lease and Operate segment also grew 21% on contributions from FPSOs Almirante Tamandaré and Alexandre de Gusmão, which joined the fleet in 2025.

Backlog rose $4.5 billion to a record $35.6 billion, reflecting awards for FPSOs SEAP I and SEAP II from Petrobras and a FEED contract for ExxonMobil's Longtail project in Guyana. The company said the backlog provides cash flow visibility up to 2050.

Net debt fell to $3.68 billion from $5.65 billion at year-end 2025, helped by the ONE GUYANA sale proceeds. The company had $2.37 billion in cash and undrawn credit facilities as of June 30.

SBM Offshore raised its 2026 directional revenue guidance to around $7.6 billion, with $2.4 billion from Lease and Operate and $5.2 billion from Turnkey. Directional EBITDA guidance was lifted to $1.9 billion. The SEAP I and II awards will not contribute to EBITDA this year, the company said.