Guyana continues to cement its position as one of SBM Offshore's most important growth markets, with Chief Executive Officer Øivind Tangen crediting the company's strong first-half 2026 performance to the successful sale of the FPSO ONE GUYANA, continued progress on projects offshore Guyana and new international contract awards.
"SBM Offshore entered 2026 with strong momentum and delivered a strong performance in the first half of the year," Tangen said as the Dutch offshore contractor announced record financial results and raised its earnings outlook for 2026.
While the company secured major new floating production contracts in Brazil during the reporting period, Tangen said Guyana remains central to SBM Offshore's long-term strategy through ongoing work on ExxonMobil's developments in the Stabroek Block.
The company reported Directional revenue of US$4.9 billion for the first six months of 2026, a 112% increase over the same period last year, while Directional EBITDA rose 92% to US$1.3 billion. Its contracted backlog also climbed to a record US$35.6 billion, providing revenue visibility through 2050.
As a result of the strong performance, SBM increased its full-year 2026 revenue guidance to around US$7.6 billion, up from more than US$6.9 billion previously, and lifted expected EBITDA to around US$1.9 billion.
The company confirmed that Front-End Engineering and Design (FEED) work is progressing as planned for ExxonMobil Guyana's Longtail development, one of the country's next major offshore projects.
Importantly, SBM revealed that one of its newly ordered Fast4Ward® hulls has already been allocated to the Longtail project, positioning the company to move quickly once ExxonMobil and its partners receive the necessary government approvals and make a final investment decision.
Tangen said the Longtail FEED award demonstrates the continued strength of SBM's partnership with ExxonMobil Guyana.
"The awards for FPSOs SEAP I and SEAP II from Petrobras, together with the Front-End Engineering and Design (FEED) award for ExxonMobil Guyana's Longtail development project, underline SBM Offshore's competitive position and the continued relevance of our Fast4Ward programme," he said.
Construction also continues to advance on FPSO Jaguar, which will support ExxonMobil's Whiptail development offshore Guyana.
According to SBM, the project is now more than 50% complete, with topsides fabrication nearing completion and all major process modules already installed aboard the vessel.
Integration and commissioning activities are progressing according to schedule, with first oil expected in 2027.
Once operational, FPSO Jaguar will be capable of producing 250,000 barrels of oil per day, making it one of the highest-capacity production vessels operating offshore Guyana.
The sale of FPSO ONE GUYANA earlier this year was one of the biggest contributors to SBM's improved financial performance.
The transaction significantly increased Turnkey revenue while strengthening the company's balance sheet, reducing net debt by 35%, from US$5.7 billion at the end of 2025 to US$3.7 billion at the end of June 2026.
SBM said proceeds from the sale were primarily used to repay US$1.74 billion in project financing associated with the vessel.
Although ownership has transferred to ExxonMobil Guyana, SBM continues providing long-term operations and maintenance services under an existing agreement.
Beyond Jaguar and Longtail, SBM continues to operate and maintain much of Guyana's producing offshore fleet, including FPSO Liza Destiny, Liza Unity, Prosperity and ONE GUYANA.
Across its global fleet of 16 floating production units, the company recorded an average daily production of more than two million barrels of oil equivalent during June, while maintaining fleet uptime of 98.9%.
Looking ahead, SBM said demand for floating production vessels remains strong as oil companies continue investing in deepwater developments.
With Guyana expected to sanction additional offshore projects over the coming years, the company said it is well positioned to benefit from future opportunities.
"Our priorities remain clear: delivering our project portfolio safely, on time, on budget; capturing profitable new business opportunities, and growing value for our stakeholders," Tangen said.
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