Sale of One Guyana FPSO lowers SBM's tax bill

The sale of the FPSO ONE GUYANA played a significant role in reducing SBM Offshore's tax expense during the first half of 2026, according to the company's chief financial officer.

Responding to questions from analysts about unusually low tax payments, Douglas Wood explained that the effect was largely tied to the sale of the vessel destined for ExxonMobil's Yellowtail development offshore Guyana.

"The One Guyana sale... we've basically already paid the tax."

Wood explained that while the transaction generated substantial income during the reporting period, the associated taxes had already been settled, resulting in a lower tax charge in the company's half-year results.

The FPSO ONE GUYANA was sold last year as part of SBM's growing use of sale-and-operate contracts.

The FPSO ONE GUYANA supports the Yellowtail development, which is Guyana's fourth offshore oil project in the Stabroek Block. It began production operations in August 2025 with a capacity of 250,000 barrels per day