Core Insights - SBM Offshore's net profit attributable to shareholders for the full year 2025 decreased by 25% to $677 million, down from $907 million in 2024 [1] - Directional earnings per share for 2025 was $3.91, a 23% decline compared to $5.08 in the previous year [1] Revenue Performance - Directional revenue for 2025 stood at $5.1 billion, a 17% year-on-year decline from $6.1 billion in 2024, primarily due to lower turnkey activity following a high base year of FPSO asset sales and completions [2] - Directional turnkey revenue fell by 26% to $2.8 billion from $3.7 billion in 2024, reflecting the non-recurrence of FPSO Prosperity and Liza Destiny asset sales in Q4 2024 [2] - Directional Lease and Operate revenue declined 3% to $2.3 billion from $2.4 billion, partially offset by fleet additions of new FPSOs [3] EBITDA Analysis - Directional EBITDA declined 10% to $1.7 billion from $1.9 billion in 2024, primarily due to weakness in the Turnkey segment, where EBITDA fell 23% to $561 million from $724 million [4] - Directional Lease and Operate EBITDA held relatively steady at $1.2 billion, compared to $1.3 billion in 2024, a 2% decrease [4] - On an International Financial Reporting Standards basis, EBITDA rose 78% to $1.9 billion from $1 billion in 2024, reflecting differing accounting treatments of lease contracts [5] Future Outlook - For 2026, SBM Offshore has set a directional revenue guidance baseline of around $6.5 billion, a projected 28% increase from 2025 [6] - Directional EBITDA guidance for 2026 stands at a baseline of approximately $1.8 billion, a 5% improvement from 2025's Directional EBITDA [7] - Three major construction projects are on track and expected to underpin revenue growth in the coming years [7]

Core Insights - Shell plc's affiliate, Shell Nigeria Exploration and Production Company (SNEPCo), has awarded a significant contract to Nortrans and Temile Development Company for the Bonga deepwater project, utilizing the TEMIS 500-pax DP3 Maintenance and Safety Unit flotel for offshore accommodation and support services during maintenance activities [1][9] Group 1: Project Details - The Temis Flotel will be deployed in Nigeria following SNEPCo's acquisition of TotalEnergies' 12.5% interest in the OLM118 production sharing contract, with the Bonga field located approximately 120 kilometers south of the Niger Delta [2] - The Bonga North project includes the drilling and completion of about 16 wells, with eight designated as production wells and the remainder for water injection, alongside enhancements to the existing FPSO and installation of new subsea hardware [6][9] Group 2: Strategic Partnerships - This collaboration underscores Shell's long-standing partnership with Temile Development Company, enhancing local capacity and expertise while ensuring safe and efficient offshore operations [3] - The deployment of the Temis Flotel is part of Shell's commitment to maintaining energy security and upholding high safety standards in its operations [4] Group 3: Operational Capacity - The original Bonga Floating Production Storage and Offloading (FPSO) has been operational since 2005, with a production capacity of approximately 225,000 barrels of oil per day, indicating the project's significance in Shell's upstream portfolio [5] - The Bonga project is positioned to deliver benchmark performances, leveraging technical expertise and strong partnerships [5]