SBM Offshore raises 2026 outlook for a third time this year

what happened

Netherlands-based SBM Offshore, which builds floating production systems for oil and gas projects, raised its full-year revenue and core profit forecasts on Thursday for the third time this year. The company credited its solid performance so far in 2026, especially at its unit that builds vessels and sells them to oil and gas firms on a turnkey basis.

On a directional basis, the company now expects 2026 revenue of about $7.9 billion, up from $7.6 billion previously. It also expects directional EBITDA to top $1.95 billion, compared with an earlier estimate of around $1.9 billion. Sales at the turnkey unit jumped 132% to $4.6 billion, helped by the February sale of the One Guyana FPSO and other contracts.

Year to date, directional revenue has climbed 77% to $6.3 billion, while directional net debt dropped 36% from the end of 2025 to $3.6 billion. The fleet is producing over 2 million barrels of oil equivalent a day, with uptime close to 99%. CEO Oivind Tangen said the FPSO market outlook remains robust, with 16 opportunities in the company's target segment over the next three years.

why it matters

For investors, the update points to steady demand for large offshore projects and to a company that is earning more while cutting its debt. The link to oil prices is indirect: such projects shape future output over years rather than moving crude prices in the short term.

market impact

SBM Offshore shares: raised guidance and lower debt support the company's valuation

• ▲SBM Offshore shares pressure up — raised guidance and lower debt point to stronger results

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