SBM Offshore raises outlook again as revenue more than doubles (updated)

Petroleo Brasileiro SA Petrobras

06/08/2026 06:38

SBM lifts 2026 outlook again after strong first half
Revenue more than doubles; EBITDA jumps 92%
Shares rise 7.2% in early trading
Adds bullet points, share move in lead, CEO, CFO quotes paragraph 5,7,8, details on debt paragraph 7
By Hugo Lhomedet
Aug 6 (Reuters) - Dutch floating production specialist SBM Offshore SBMO.AS raised its 2026 outlook for the second time this year on Thursday after strong contract activity and the sale of its One Guyana vessel helped lift first-half revenue, sending its shares up more than 7%.
The company, which builds, leases and operates floating production, storage and offloading vessels (FPSOs), raised its 2026 directional revenue forecast to around $7.6 billion from above $6.9 billion and increased its directional EBITDA target to about $1.9 billion from around $1.8 billion.
First-half directional revenue more than doubled to $4.9 billion (4.24 billion euros), beating analysts' expectations of $4.65 billion in a company-provided consensus, while directional EBITDA rose 92% to $1.3 billion.
SBM said the upgrade reflected new FPSO contracts awarded by Brazil's state-run oil company Petrobras PETR3.SA and additional work secured during the period.
"We feel confident with the new guidance that we have enough contingency and residual conservatism in there to meet that upgrade," Chief Executive Øivind Tangen told Reuters.
Pro-forma directional backlog rose 14% to $35.6 billion at the end of June, while directional net debt fell to $3.7 billion from $5.7 billion at the end of 2025.
Tangen said SBM had secured the staffing, shipyard capacity and key equipment needed for its current project pipeline and remained within its operational "comfort space" on project delivery.
Chief Financial Officer Douglas Wood told Reuters that tensions in the Middle East could provide further support for the outlook if concerns over energy security encourage additional investment in supply diversification.
SBM reports "directional" figures that recognise construction-phase payments before leased production vessels begin operating.
     
(1 euro = $1.1547)

 (Reporting by Hugo Lhomedet; Editing by Matt Scuffham)
 ((hugo.lhomedet@thomsonreuters.com))