SBM Offshore sees slower 2025 growth after record-high yearly revenue (updated)

SBM Offshore NV

20/02/2025 06:53

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       Feb 20 (Reuters) - Dutch oil and gas services company
SBM Offshore  SBMO.AS  said on Thursday it sees slower growth in
2025 after posting a slight revenue beat this year, driven by
the sale of its floating production, storage and offloading
vessels (FPSO) in Suriname and Guyana.
    The Amsterdam-based group, which provides floating
production solutions to the offshore energy industry, said it
sees 2025 directional revenue guidance above $4.9 billion, with
around $2.7 billion from its turnkey business, which builds and
sells the FPSO vessels.
    The company sees 2025 directional EBITDA at $1.55 billion.
    "The debottlenecking of Guyanese FPSOs safely brought all
three units, Liza Destiny, Liza Unity and Prosperity, to oil
production levels beyond their original investment basis," the
company said in a statement.
    SBM Offshore calculates its results using a method of
"directional reporting" that records payments made during the
construction phase and prior to a lease's execution as revenue.
    SBM Offshore reported directional revenue at a record high
level of $6.1 billion for 2024, compared to $4.53 billion in
2023. That slightly exceeded its guidance of $6.0 billion.

 (Reporting by Dimitri Rhodes and Johan Bodinier; Editing by
Mrigank Dhaniwala)
 ((dimitri.rhodes@thomsonreuters.com ;
johangeorgesroger.bodinier@thomsonreuters.com))