SBM Offshore reported that directional revenue more than doubled to US$4.9 billion during the first half of 2026, supported heavily by its portfolio of Guyana projects.
Directional earnings before interest, taxes, depreciation and amortisation increased 92 per cent to US$1.31 billion. The Dutch offshore contractor subsequently raised its full-year revenue forecast from more than US$6.9 billion to approximately US$7.6 billion, while lifting its EBITDA projection to about US$1.9 billion.
A major contributor was the February sale of the ONE GUYANA floating production, storage and offloading vessel to ExxonMobil Guyana for US$2.32 billion. SBM used the proceeds principally to repay US$1.74 billion in project financing, helping reduce its directional net debt from US$5.65 billion at the end of 2025 to US$3.68 billion at June 30.
The results demonstrate how Guyana’s offshore expansion is generating revenue beyond the companies producing crude. Engineering firms, vessel operators, subsea contractors, logistics providers and equipment manufacturers are sharing in the capital spending needed to develop the Stabroek Block.
SBM also reported progress on the Jaguar FPSO for ExxonMobil’s Whiptail development. The 250,000-barrel-per-day vessel is between 50 per cent and 75 per cent complete, with all major process modules lifted onto its hull. First production remains targeted for 2027.
Front-end engineering work is also advancing for the proposed Longtail project, Guyana’s first planned offshore development focused on non-associated natural gas.
