1.5.2Win and Grow

Market Positioning

Market positioning is central to maintaining a strong global presence, responding effectively to market dynamics, and capturing opportunities in emerging regions. Robust business development serves as a key indicator of organizational success, with the number of projects awarded being a critical performance metric. By reinforcing its market positioning, SBM Offshore mitigates competitiveness risks outlined in Section 1.4.2.

SBM Offshore made the following achievements in 2025:

  • Signed an O&M contract with TotalEnergies for the FPSO GranMorgu, part of the Block 58 field development project in Suriname. The agreement covers the operations readiness phase prior to first oil and O&M services for a minimum of two years post-first oil, with extension options.
  • Received confirmation from ExxonMobil of the Final Investment Decision (FID) for the project to extend the lifespan of FPSO Mondo and FPSO Saxi-Batuque until 2032 (Kizomba C Project), following the recent signing of Addendum No. 2 to the Production Sharing Agreement (PSA) for Block 15 with the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG). Resulting in the extension of the lease and operate contracts for both FPSOs until 2032. The Brownfield projects for Kizomba-C FPSOs have been kicked-off with Exxon in January 2026.
  • Submitted the lowest price proposals to Petrobras for two FPSOs to be installed in the deepwater section of the Sergipe-Alagoas basin1.
  • Secured a contract from bp for the wet tow and installation of the Kaskida semi-submersible Floating Production Unit (FPU) in the US Gulf.
  • Received an award from Petrobras for a study to evaluate the integration of carbon capture modules on future FPSOs. The scope includes design and commercial assessment of multiple carbon capture configurations for deployment on Petrobras-operated fields1.
  • Entered an exclusive digital alliance with SLB to optimize offshore production system performance. This collaboration combines SLB’s subsurface, subsea, and surface expertise with SBM Offshore’s full FPSO lifecycle capabilities to create an AI-powered digital ecosystem. The initiative aims to enhance FPSO asset management, improve uptime, and reduce total cost of ownership for offshore operators.
  • Achieved Approval in Principle (AiP) for the Blue Ammonia FPSO, with validation provided by the ABS class society. This milestone underscores SBM Offshore’s commitment to pioneering clean ammonia solutions and advancing industry standards for sustainable offshore energy production.
  • Carried out research for a client on floating ammonia solutions, exploring FSRU, FSO, and FPSO concepts. This work contributes to new methods for producing and storing ammonia offshore.

In 2026, SBM Offshore will continue early engagement with clients and collaborate with vendors and partners to further improve project development concepts, time-to-market, production and cost-efficiency.

Energy Transition

SBM Offshore actively seeks new business opportunities to drive future revenue growth from sustainable activities by leveraging over 60 years of expertise to support the energy transition, foster value creation through the blue economy, and progress the net-zero ambition – extending its reach beyond FPSOs by turning lower-carbon solutions into scalable commercial infrastructure. Technology and product development teams work closely with the business and develop concepts, prototypes and pilot projects aimed at reducing emissions and diversifying the product portfolio.

These initiatives may also take the form of co-development projects in partnership with clients and other stakeholders, reinforcing collaboration as a cornerstone of sustainable progress. SBM Offshore recognizes that the adoption of these solutions is heavily dependent on client decisions, which are affected by local and international policies and financial considerations. However, through this approach,  SBM Offshore is seeking to address the energy trilemma while mitigating oil price dependency, portfolio risks, and climate change, described in section  1.4.2. Disclosures are found in chapter 3. More detailed information on product developments are as follows:

Emission reductions in FPSOs

A new  FPSO design, ready to be offered to the market with AiP from ABS this year, marks a major milestone in SBM Offshore’s ambition towards net-zero emissions by 2050. The FPSO design incorporates GHG emission-reduction technologies, including Carbon Capture and Storage (CCS), that collectively achieve up to a 80% reduction in lifecycle emissions of the asset. It is fully integrated with SBM Offshore’s proven Fast4Ward design and standardized delivery model.

FPSO Carbon Capture modules

SBM Offshore and Mitsubishi Heavy Industries, Ltd (MHI) have produced an FPSO carbon capture module design, qualified by DNV, based on a combination of MHI’s CO2 capture technology and SBM Offshore’s Fast4Ward principles. This year, SBM Offshore undertook studies on installing the modules on future FPSOs, examining the design and commercial evaluation of various carbon capture system configurations, alongside different turbine types, gas flow rates, CO2 concentrations and gas compositions.

Blue ammonia

After successfully completing the ammonia swivel qualification in 2024, SBM Offshore achieved qualification for a comprehensive ammonia terminal solution in 2025, supporting the midstream section of the value chain. SBM Offshore also earned AiP in September 2025 from ABS for a new design for a floating production storage and offloading (FPSO) unit focused on the production of blue ammonia, by converting extracted natural gas into ammonia while capturing the CO2 via carbon capture and storage (CCS) technology. This positions SBM Offshore at the forefront of the emerging ammonia value chain, where the alternative fuel will ultimately serve as lower-carbon energy source for the power and maritime transportation sectors, as well as serving the global ammonia market.

Lower-carbon floating power solutions

In March 2025, SBM Offshore and Microsoft entered into a strategic collaboration agreement to accelerate the development of lower-carbon floating power barges. This partnership leverages SBM Offshore’s expertise in offshore energy solutions and Microsoft’s digital innovation capabilities to advance the deployment of floating power units designed for lower-carbon electricity generation. The collaboration aims to deliver scalable, reliable, and sustainable power solutions, addressing the growing global demand for clean energy, particularly for critical industries such as data centers and ports.

Floating offshore wind energy

Ekwil, a 50/50 fully dedicated Floating Offshore Wind joint venture between SBM Offshore and Technip Energies, has established itself in the global floating offshore wind market, proposing the full delivery of floaters and associated mooring systems, thanks to its comprehensive technology portfolio and EPC expertise. In 2025, Ekwil announced that its Float4Wind™ tension-leg platform (TLP) received AiP from ClassNK. This confirmation followed a detailed assessment of the updated design and represents an important milestone in the development of Ekwil’s TLP technology.

Innovation

SBM Offshore is focused on purposeful innovation, introducing solutions that advance its blue economy strategy with a disciplined approach. This is achieved through a systematic stage-gate approach for introducing new technologies, guaranteeing comprehensive validation prior to launch. The Technology Readiness Level (TRL) methodology, which is based on American Petroleum Institute standards, incorporates prototype testing and detailed FEED-level planning as essential elements of its risk-based qualification process. Each initiative is designed to deliver measurable impact and align with long-term strategic goals by encouraging collaboration across all teams and ensuring ideas progress from concept to full implementation.

Intellectual property is safeguarded through the filing of patents and trademarks, securing trade secrets and proprietary expertise. SBM Offshore maintains IP integrity through document classification and by establishing non-disclosure agreements with partners to control access to sensitive technologies. Comprehensive freedom-to-operate assessments are conducted to respect third-party rights. This approach encourages innovation while minimizing the risks linked to deploying new technologies.

In 2025, SBM Offshore continued the development of new technologies focused on decarbonization and alternative energy sources, dedicating 14% of its technology development budget to initiatives that qualify under the EU Taxonomy, following the eligibility KPI criteria outlined in section 3.6.1.2. During this period, SBM Offshore filed 48 new patents, expanding its portfolio to 117 families focused on renewables and FPSO components. Out of 39 technology projects advanced in the year, 18 reached TRL 4. This level indicates that the technology meets the required reliability, function, and performance criteria under the intended operating conditions, making it ready for deployment.

Key development projects undertaken in 2025:

  • Progression of the SBM Offshore robotics initiatives to reduce high-risk human activities and to improve the efficiency of inspection and maintenance activities on the fleet. In 2025, four initiatives achieved TRL 4 status, enabling additional robotic deployments.
  • Three new asset management technologies have been validated to TRL 2 leveraging advanced materials and scaling-reduction technologies to lower maintenance needs in the fleet. Readiness of these technologies is expected in 2026.
  • The industry-first Remote-Con ABS notation in FPSO Liza Unity, achieved in 2024, was followed by the same notation obtained for FPSO Prosperity in 2025, the second in the world. This represents continuous improvement and scaling of remote-control technologies in the fleet.
  • The seawater intake riser, an important component of the lower-carbon FPSO design, achieved TRL 4 qualification in 2025. The technology enhances topsides energy efficiency and enables the market-readiness of the solution.
  • An updated design package for the next generation MPF hulls, as part of SBM Offshore’s Fast4Ward program. The new hull design addresses the market needs for next generation FPSO projects and incorporates the lessons learned from the first generation of standardized hulls.
  • Continuous improvement of fluid swivels focusing on reducing footprint and simplifying maintenance of turret moorings. In 2025, TRL 4 was achieved for a compact swivel stack arrangement.
  • The high-voltage segmented swivel concept achieved TRL 3, bolstering SBM Offshore’s proprietary segmented technology to answer market needs on offshore electrification.
  • SBM Offshore’s installation capabilities were further advanced through the development of a novel and proprietary solution for the riser recovery market.
  • Development of Floating Storage and Injection Units (FSIUs) as a key solution for offshore CO2 sequestration projects, complementing SBM Offshore’s proven TLU CO2-injection terminal to enable storage and continuous injection operations while optimizing offloading efficiency.
  • Further advancement on Freshwater Floating Production Unit (FPU) developments, aimed at delivering offshore desalination and producing clean water for coastal and industrial use. SBM Offshore signed a strategic partnership agreement with Veolia to develop and market a scalable lower-carbon solution, supporting regions facing water scarcity.
  • SBM Offshore allocated 22% of its development budget to projects that directly support decarbonization and the shift to sustainable practices.

SBM Offshore maintains a proactive approach in assessing the alignment of its research and development initiatives with EU Taxonomy regulations, pursuing innovative offshore technologies and prioritizing the development of new solutions in collaboration with clients and value chain partners.

Digitalization

Through investment in information technology and data-driven capabilities, SBM Offshore is enhancing operational efficiency and unlocking new growth opportunities. This approach integrates modernization initiatives with service diversification and creates a powerful combination of internal digital collaboration and strategic external partnerships.

In 2025, SBM Offshore announced its partnership with Cognite, to create an AI-ready data foundation that integrates data generated from across the entire asset lifecycle of the global fleet. This unified platform enables real-time insights, predictive analytics, and automated workflows, reducing complexity and improving decision-making.

Also in 2025, SBM Offshore and SLB formed an exclusive digital alliance to optimize FPSO performance and vertically integrate reservoir to topsides. This collaboration combines SLB’s subsurface, subsea and surface expertise with SBM Offshore’s full FPSO lifecycle capabilities to create a digital ecosystem aimed at ensuring maximum uptime and reliability.  

The Cognite and SLB strategic partnerships are important milestones in SBM Offshore’s Program for Accelerating Collaboration and Excellence (PACE), following a digital strategy to drive execution excellence, deliver tangible benefits and position SBM Offshore at the forefront of digital transformation in the offshore energy sector.

Internally, SBM Offshore is also advancing Enterprise Excellence with long-term roadmaps for data management, integrated IT and OT cybersecurity, and a comprehensive solutions investment plan.

The successful deployment of Microsoft Copilot continues to elevate employee performance through AI-driven capabilities. The Microsoft Centre of Excellence has formalized a FinOps strategy, ensuring optimized cloud operations. Meanwhile, plans for the next evolution of the SBM Enterprise Data Platform are progressing in alignment with emerging technologies.

SBM Offshore continues its ERP deployment journey through the Integra program. In previous years, the ERP System (IFS) had been deployed in SBM Offshore’s main operating regions. In 2025, it was further extended to the remaining Operations holding entities. An EPCI pilot covering Imodco entities has also been released, paving the way for further EPCI deployments.

SBM Offshore will continue to invest in a transparent, data-driven culture, delivering a modern digital experience for all employees. Leveraging robust Enterprise Architecture, SBM Offshore ensures a future-ready ecosystem that maximizes infrastructure uptime, performance, and regulatory compliance.

Management of any impacts associated with cyber security is described in section 1.4.2.