Core Insights - SBM Offshore's FPSO Alexandre de Gusmão is officially on hire as of May 24, 2025, following the achievement of first oil and the completion of a 72-hour continuous production test leading to Final Acceptance [1] - The FPSO has a processing capacity of 180,000 barrels of oil and 12 million cubic feet of gas per day [1] - The FPSO operates under a 22.5-year charter and operation services contract with Petrobras [2] Company Overview - SBM Offshore is recognized as a global expert in deepwater ocean infrastructure, focusing on the design, construction, installation, and operation of offshore floating facilities [5] - The company aims to deliver cleaner and more efficient energy production while unlocking new markets within the blue economy [5] - SBM Offshore employs over 7,800 professionals worldwide, collaborating to provide innovative solutions for a sustainable future [6] Operational Context - FPSO Alexandre de Gusmão is installed at the Mero unitized field in the Santos Basin, approximately 160 kilometers offshore from Rio de Janeiro, Brazil [3] - The Mero unitized field is operated by Petrobras in partnership with Shell Brasil, TotalEnergies, CNPC, CNOOC, and Pré-sal Petróleo S.A. [3] - The FPSO follows the start-up of FPSO Almirante Tamandaré, which has been on hire since February 16, 2025, marking it as the fifth Fast4Ward FPSO to enter operation [4]

Core Insights - The company reported strong first quarter results, with a year-to-date Directional revenue of US$1,103 million, reflecting a 27% increase compared to the same period last year [8][9]. - The Directional backlog stands at US$35.1 billion, supported by firm contracts and inflation protection, with an expected cash generation of US$9.5 billion [3][4]. - A cash dividend of EUR150 million was paid, and a share buyback program of EUR141 million is underway, with a minimum of US$1.7 billion cash return to shareholders expected by 2030 [3][19][20]. Financial Overview - Directional revenue increased to US$1,103 million, up 27% from US$871 million in 1Q 2024, driven primarily by the Turnkey segment [9][10]. - Directional Turnkey revenue reached US$627 million, a 98% increase from US$316 million in the same period last year [10]. - Directional Lease and Operate revenue was US$476 million, down from US$554 million, attributed to the sale of FPSOs Prosperity and Liza Destiny [11]. Project and Operational Update - The company is on track to deliver three major vessels in 2025, with FPSO Almirante Tamandaré achieving first oil in February 2025, and FPSOs Alexandre de Gusmão and ONE GUYANA expected to follow [4][12]. - The Fast4Ward program has successfully ordered ten MPF hulls, with four currently in operation and another four delivered for ongoing projects [15]. - Fleet uptime for the year-to-date was reported at 99.5%, consistent with historical performance [15]. Strategic Initiatives - A strategic collaboration agreement with Microsoft was signed to develop carbon-free floating power solutions, focusing on deploying floating gas-to-power solutions with integrated carbon capture and storage [6][17]. - The company aims to introduce a near zero emission FPSO by the end of 2025, having received "Approval in Principle" from the American Bureau of Shipping for its design [18]. Guidance - The company maintains its 2025 Directional revenue guidance at above US$4.9 billion, with expectations of over US$2.2 billion from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment [21]. - Directional EBITDA guidance for 2025 is also maintained at approximately US$1.55 billion [21].