1.1.22025 In Brief

FIRST QUARTER

  • Lucia de Andrade and Denise Dettingmeijer appointed as members of the Supervisory Board.
  • SBM Offshore completed the transactions related to the Share Purchase Agreements with its partner MISC Berhad for: 1) the acquisition of MISC Berhad’s entire effective equity interest in the lease and operating entities related to the FPSO Espirito Santo in Brazil; and 2) the full divestment to MISC Berhad of SBM Offshore’s effective equity interest in the lease and operating entities of the FPSO Kikeh in Malaysia.
  • FPSO Almirante Tamandaré was formally on hire as of February 16, 2025, after achieving first oil and the completion of a 72-hour continuous production test, leading to Final Acceptance.
  • Full Year 2024 Earnings: Directional Revenue was US$6.1 billion (+35%), in line with guidance. Directional EBITDA was US$1.9 billion (+44%), in line with guidance. Backlog was US$35.1 billion. 30% increase in annual cash return to shareholders of US$155 million dividend and US$150 million share repurchase.

Second quarter

  • Signed a non-recourse sale and leaseback financing agreement for FPSO Cidade de Paraty for the total amount of US$400 million and with a tenor of 8 years.
  • Bernard Bajolet stepped down as member of the Supervisory Board after the 2025 Annual General Meeting.
  • Completed EUR130 million share repurchase program initiated in 2024, and the commencement of a EUR141 million (US$150 million equivalent) share repurchase program.
  • Secured a US$1.1 billion unsecured Revolving Credit Facility (RCF) with a group of 13 international banks to refinance its existing US$1.0 billion RCF, which was due to expire in February 2026. The new RCF has a tenor of five years and two one-year extension options, as well as an uncommitted option to increase the facility by an additional US$500 million.
  • Cash dividend of EUR150 million (equivalent to EUR0.8606 per ordinary share) approved. Share repurchase program on track, c. 6.75% completed.
  • First Quarter 2025 Trading Update: Year-to-date Directional revenue of US$1,103 million, up 27% versus 1Q 2024 and full year 2025 Directional revenue and EBITDA guidance maintained.
  • FPSO Alexandre de Gusmão was on hire as of May 24, 2025, after achieving first oil and the completion of a 72-hour continuous production test leading to Final Acceptance.
  • Signed a Share Purchase Agreement for the full divestment of SBM Offshore’s equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol. SBM Offshore’s exit from Equatorial Guinea will take place following an operational transition phase lasting up to 12 months.
  • Signed an operations and maintenance contract with TotalEnergies EP Suriname B.V., an affiliate of TotalEnergies, for the FPSO GranMorgu, as part of the field development project located in Block 58 in Suriname.

third quarter

  • Half Year 2025: full year Directional revenue guidance increased from above US$4.9 billion to above US$5.0 billion. Full year Directional EBITDA guidance increased from around US$1.55 billion to above US$1.6 billion.
  • Year-to-date Directional revenue increased to US$2.3 billion (+26) and year-to-date Directional EBITDA increased to US$682 million (+10%).
  • FPSO ONE GUYANA produced first oil on August 8, 2025, and was formally on hire.

fourth quarter

  • The Supervisory Board intends to propose the following reappointments: Øivind Tangen, CEO, for a second four-year term and Roeland Baan, as member and Chair of the Supervisory Board for an additional two-year term, at the AGM on April 15, 2026.
  • Third Quarter Trading Update: Increase in year-to-date Directional revenue to US$3.6 billion, up 26% versus 3Q 2024. 2025 Directional EBITDA guidance increased from above US$1.6 billion to around US$1.65 billion. 2025 Directional revenue guidance of above US$5.0 billion maintained.
  • Completed the transaction related to the Share Purchase Agreement announced on June 4, 2025, for the full divestment of SBM Offshore’s equity interest in the lease and operating entities of FPSO Aseng to GEPetrol.
  • Signed a contract extension related to the lease and operation of FPSOs Mondo and Saxi Batuque with Esso Exploration Angola (Block 15) Limited, as the Operator of Block 15, an affiliate of ExxonMobil. The extension secures ownership and operations by SBM Offshore until 2032.