SBM Offshore Third Quarter 2025 Trading Update

Core Insights - SBM Offshore is experiencing strong operational performance and has increased its EBITDA guidance for 2025 to around US$1.65 billion, reflecting its ability to execute complex projects globally despite challenging conditions [2][27]. Operational Performance - The company has expanded its fleet to 17 vessels with a total production capacity of 2.7 million barrels of oil per day, with three major FPSOs achieving first oil this year [3]. - FPSO Almirante Tamandaré has become the largest oil-producing unit in Brazil, achieving a record flow of 270,000 barrels of oil per day in October [3]. - FPSO ONE GUYANA is now the largest production unit in Guyana with a capacity of 250,000 barrels of oil per day [3]. Construction Portfolio - The construction portfolio is on schedule, with FPSO Jaguar, FSO Chalchi, and FPSO GranMorgu progressing towards delivery in 2027 and 2028 [4]. - The company is actively involved in competitive bidding for FPSOs SEAP 1 and SEAP 2 for Petrobras, showcasing its strong position in the FPSO segment [5]. Financial Overview - Year-to-date Directional revenue reached US$3.6 billion, a 26% increase compared to the same period in 2024 [8]. - Directional Turnkey revenue increased by 90% to US$1,964 million, driven by construction projects [10]. - Directional Lease and Operate revenue decreased by US$194 million to US$1,607 million due to lower contributions from certain FPSOs [11]. Strategic Collaborations - The company has signed strategic collaboration agreements with Cognite and SLB to enhance digital asset management and operational efficiency through AI-driven platforms [6][19][20]. Safety and Sustainability - SBM Offshore reported zero fatalities or permanent impairment injuries in the third quarter of 2025, maintaining a strong safety record [21]. - The company secured Approval in Principle for a Blue Ammonia FPSO design, contributing to its low-carbon portfolio and energy transition efforts [22]. Shareholder Returns - A share repurchase program of EUR141 million (approximately US$150 million) is underway, with about 71% completed as of November 12, 2025 [23]. - The company has cancelled 5,000,000 ordinary shares, representing 2.8% of its issued share capital [24]. Guidance - The 2025 Directional revenue guidance remains above US$5.0 billion, with expectations of around US$2.3 billion from the Lease and Operate segment and US$2.8 billion from the Turnkey segment [25].