Netherlands' SBM Offshore H1 revenue jumps on strong Turnkey activity

SBM Offshore

06/08/2026 06:16

Overview
Netherlands deepwater infrastructure provider's H1 Directional revenue rose 112% yr/yr, driven by Turnkey activity
H1 Directional EBITDA increased 92% yr/yr, reflecting robust Turnkey segment performance
Company raised 2026 Directional revenue and EBITDA guidance, announced US$100 mln interim dividend

Outlook
SBM Offshore raises 2026 Directional revenue guidance to around $7.6 bln
Company lifts 2026 Directional EBITDA guidance to around $1.9 bln
Company sees strong FPSO market outlook and robust tendering activity supporting long-term growth

Result Drivers
TURNKEY ACTIVITY - Co said revenue and profit growth were mainly driven by higher Turnkey activity, including the sale of FPSO ONE GUYANA, partial divestment in FSO Chalchi, and new contract awards for FPSOs SEAP I and SEAP II
LEASE AND OPERATE GROWTH - Lease and Operate revenue rose due to new units joining the fleet and improved fleet performance, partly offset by asset divestments
HIGHER ADMINISTRATIVE COSTS - General and administrative expenses increased due to higher activity levels and investment in digital initiatives

Company press release: ID:nGNE3PMRyX

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Directional Revenue
 
$4.90 bln
 
H1 EPS
 
$4.90
 
H1 Directional EBITDA
 
$1.31 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy"
Wall Street's median 12-month price target for SBM Offshore N.V. is €43.40, about 38.4% above its August 5 closing price of €31.36
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)