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SBM Offshore reported a strong start to 2026, with first-quarter Directional revenue rising to US$3,489 million, up from US$1,103 million in the same period of 2025. The company also increased its 2026 Directional revenue guidance to above US$6.9 billion, while maintaining its 2026 Directional EBITDA baseline guidance around US$1.8 billion.
Øivind Tangen, CEO of SBM Offshore, said the company delivered a “solid start” supported by project progress and high fleet uptime. He noted that Directional revenue of US$3,489 million was in line with the company’s baseline guidance and that SBM Offshore does not anticipate a material impact from current geopolitical tensions on its operations, projects, or financial position.
SBM Offshore said it increased shareholder returns during the first quarter through a US$100 million cash dividend payable on May 13, 2026, the initiation of a US$270 million share buyback program, and an interim dividend of US$100 million scheduled for September 2026. The company stated this represents a 57% increase in returns compared with last year.
Over the six-year period until 2031, SBM Offshore said it remains on track to return at least US$2.1 billion to shareholders, with further upside potential. It also reported that the sale of FPSO ONE GUYANA enabled balance-sheet deleveraging, reducing Directional net debt to US$3.2 billion, a 43% decrease compared with year-end 2025.
Directional revenue increased by more than 200% to US$3,489 million in the first quarter of 2026 versus US$1,103 million a year earlier, mainly driven by the Turnkey segment.
Year-to-date Directional Turnkey revenue stood at US$2,879 million. The company said the increase of more than US$2.2 billion versus US$627 million in the same period of 2025 was primarily driven by the sale of FPSO ONE GUYANA in February 2026 and the allocation of a Fast4Ward® MPF hull to the Longtail development project. This was partly offset by the delivery of three FPSOs in 2025 (FPSOs ALMIRANTE TAMANDARÉ, ALEXANDRE DE GUSMÃO and ONE GUYANA).
Directional Lease and Operate revenue was US$610 million in the first quarter of 2026 compared with US$476 million in the year-ago period. SBM Offshore attributed the 28% increase mainly to a change of scope with three FPSOs joining the fleet in 2025 (ALMIRANTE TAMANDARÉ, ALEXANDRE DE GUSMÃO and ONE GUYANA), partly offset by FPSO ASENG and FPU THUNDER HAWK leaving the fleet in 4Q 2025.
Directional net debt was US$3.2 billion for the period ending 1Q 2026, a 43% decrease compared with the same period last year, primarily due to the sale of FPSO ONE GUYANA. The company said the hedge ratio of the floating-rate debt is above 90%.
SBM Offshore said its Fast4Ward® program supports strategic positioning in the deepwater market. The company reported that twelve Fast4Ward® MPF hulls have been ordered to date: eight are in operation or delivered to ongoing projects under construction, and four are under construction. One hull has been allocated to support the Longtail development project in Guyana, while three have been ordered to support active tendering with clients driven by the strong FPSO market outlook, with options for further hulls available with three yards.
The company also said it is working toward replacement of its joint-venture owned installation vessel towards the end of the decade to maintain its full lifecycle EPCIO offering in ocean infrastructure for the decades to come.
SBM Offshore reported year-to-date fleet uptime of 97.9%.
On safety, the company said there were zero fatalities or permanent impairment injuries in the first quarter of 2026, in line with the full-year target of zero.
SBM Offshore increased its 2026 Directional revenue guidance to above US$6.9 billion, including around US$2.3 billion expected from the Lease and Operate segment and above US$4.6 billion from the Turnkey segment. The company maintained its 2026 Directional EBITDA baseline guidance around US$1.8 billion.
The company said the guidance increase versus the initial baseline is mainly due to the Longtail FEED award and additional scope of work secured over the period. SBM Offshore noted that the guidance does not include all potential future FPSO awards and will be updated at the end of the relevant reporting period, if applicable.
On April 15, 2026, shareholders voted in favor of a proposed US$100 million cash dividend (EUR84 million equivalent or EUR0.5009 per share). SBM Offshore said the dividend will be paid on May 13, 2026 to shareholders of record as at April 20, 2026. The company also stated it will pay a US$100 million dividend for the first half year 2026.
SBM Offshore began a US$270 million share repurchase program (EUR227 million equivalent) announced on February 26, 2026 and effective from February 27, 2026. The company said the program was about 18% completed on May 6, 2026.
SBM Offshore scheduled a conference call and Q&A to discuss the First Quarter 2026 Trading Update on Thursday May 7, 2026 at 10:00 AM CEST (08:00 AM UTC), hosted by Øivind Tangen (CEO) and Douglas Wood (CFO). Access requires a personal identification code sent by email after registration.
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