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SBM Offshore Highlights Growth Opportunities in the FPSO Market, With Potential Projects and Strong Financial Results.
The Dutch company SBM Offshore is optimistic about the future of the offshore sector. The company emphasizes that the Floating Production Storage and Offloading (FPSO) market remains vibrant, driven by low extraction costs and a more sustainable approach, with fewer emissions. With the identification of at least 16 new project opportunities worldwide in the next three years, SBM Offshore sees a promising future, especially in South America, where countries such as Brazil, Guyana, and Suriname stand out. Additionally, Namibia in Africa is also being considered as an expanding market.
SBM Offshore Financial Results
At the end of 2024, SBM Offshore reported impressive financial results. The company achieved a record directional revenue of US$ 6.1 billion, along with a directional EBITDA of US$ 1.9 billion.
CEO Øivind Tangen highlighted that the results are the result of securing three new contracts and the sale of FPSOs, such as Prosperity and Liza Destiny, to ExxonMobil in Guyana.
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SBM Offshore’s backlog reached a record US$ 35.1 billion, with expectations to generate US$ 9.5 billion in net cash.
Ongoing Projects and New Acquisitions
Currently, SBM Offshore is involved in several ongoing projects. The FPSO Alexandre de Gusmão, built for the Brazilian market, is en route to Brazil and is expected to commence production in mid-2025 at the Mero field in the Santos Basin.
Additionally, the company has completed integration activities for the FPSO ONE GUYANA, which will be installed at the Yellowtail field in Guyana, with production expected to start in the second half of 2025.
Another significant project is the FPSO Jaguar, planned for the Whiptail field, also in Guyana. The hull of the Fast4Ward FPSO has been delivered in Singapore, where final activities are being carried out.
Initial production is expected in 2027. The hull of the GranMorgu FPSO has also been successfully delivered, and engineering and procurement processes are on schedule.
About SBM Offshore
SBM Offshore is a renowned Dutch company that stands out in providing floating production solutions for the offshore energy sector, being a market leader and specialist in deep water.
With the largest fleet of floating production and storage vessels, SBM Offshore has accumulated over 250 years of operational experience.
The company integrates feedback from daily operations in the development of new FPSOs and mooring systems, always focused on protecting people, preventing pollution, and safeguarding the environment.
Since the name change from IHC Caland NV to SBM Offshore in July 2005, the company has raised high standards of ethics and transparency, with a zero-tolerance policy for fraud.
SBM Offshore believes that the oceans can provide safe and affordable energy for future generations and continuously seeks to employ and develop the best talents in the industry.
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