The sale of the ONE GUYANA floating production, storage and offloading (FPSO) vessel to ExxonMobil Guyana has helped drive a 77% increase in revenue for SBM Offshore.
In its third-quarter 2026 trading update released on Thursday, SBM Offshore reported directional revenue of US$6.337 billion for the first nine months of 2026, compared with US$3.571 billion during the corresponding period in 2025.
The company attributed much of the increase to its Turnkey segment, which generated US$4.565 billion, a 132% increase from the US$1.964 billion recorded during the same period last year.
SBM Offshore identified the February 2026 sale of ONE GUYANA as one of the main contributors to the increase, alongside engineering contracts for the Longtail development in Guyana and construction contracts for two offshore vessels for Brazil's SEAP I and SEAP II projects.
The sale marked a significant transition for the ONE GUYANA, which was built and delivered by SBM Offshore for ExxonMobil Guyana and began operations in August 2025.
The vessel, located in the Yellowtail field offshore Guyana, celebrated its first year of operations on August 8, 2026, after what SBM described as an outstanding first year of performance.
Although ownership was transferred to ExxonMobil Guyana in early 2026, SBM Offshore will continue operating the FPSO until 2035, maintaining its involvement in the vessel's long-term operations.
ONE GUYANA was also a major contributor to SBM Offshore's fleet capacity and financial performance during its first year. It was delivered under the company's Fast4Ward programme, which uses standardised designs and construction processes to accelerate FPSO delivery and reduce costs.
It was the eighth FPSO delivered under that programme and subsequently received the SUSTAIN-1 notation from the American Bureau of Shipping, recognising standards relating to pollution prevention, greenhouse gas reduction, marine ecosystem protection, ship recycling and crew wellbeing.
The vessel's operations have also involved the development of Guyanese talent. SBM Offshore said up to 25 nationalities worked together onboard during its first year, with Guyanese personnel benefiting from training and development supported by the company's local and international teams.
Meanwhile, revenue from SBM Offshore's Lease and Operate segment increased by 10% to US$1.772 billion during the first nine months of 2026, compared with US$1.607 billion in the corresponding period of 2025. The company said the increase reflected changes in its fleet following the addition of three FPSOs in 2025, including ONE GUYANA, as well as increased reimbursable work and continued strong fleet performance.
The sale of ONE GUYANA also contributed to a reduction in SBM Offshore's directional net debt, which stood at US$3.6 billion at the end of September 2026, down 36% from US$5.7 billion at the end of 2025.
SBM Offshore said the reduction was primarily driven by the sale of the vessel and the associated repayment of debt.
The company has since raised its full-year 2026 directional revenue forecast to approximately US$7.9 billion, up from its previous guidance of around US$7.6 billion.
Looking ahead, SBM Offshore is also preparing for the arrival of its next Guyana-bound FPSO, Jaguar, which is expected to begin production in 2027. The company has described Jaguar as its fifth FPSO in Guyana.
.png)
