SBM offshore records massive growth fueled by Guyana projects

SBM Offshore, a major offshore energy player tied closely to Guyana’s booming oil sector, has reported a surge in earnings for early 2026, with performance far exceeding expectations.

SBM Offshore announced that its revenue more than tripled in the first quarter of 2026, driven largely by strong activity in deep water oil projects, especially in Guyana.

The company recorded:

•         US$3.5 billion in year-to-date revenue

•         A 216% increase compared to the same period last year

•         Major gains from its Turnkey offshoreconstruction segment

Simply put, SBM Offshore earned more than three times what it did in the same period last year.

A big reason for the surge is Guyana’s rapidly expanding offshore oil industry, led by major developments with international partners.

One standout project is the Longtail development, where SBM Offshore received a key engineering contract from ExxonMobil Guyana.

This project is expected to involve one of the largest gas-handling floating production systems ever built, showing just how big Guyana’s offshore ambitions have become.

Another major highlight is the FPSO system linked to the ONE GUYANA project, which played a major role in boosting company revenue after its sale and deployment phase.

The company’s growth is being driven by several factors:

1.Mega Offshore Projects -Large floating production systems (FPSOs) are being built and deployed in Guyana and Brazil.

2.Strong Guyana Oil Expansion - Guyana continues to emerge as one of the world’s fastest-growing offshore oil regions.

3.Advanced Technology - SBM Offshore’s Fast4Ward® design program is helping it deliver faster, more efficient offshore platforms.

4.High Fleet Performance - The company reported 97.9% fleet uptime, meaning its offshore systems are operating almost continuously.

SBM Offshore’s results highlight a bigger trend, and that is that Guyana is becoming a major hub in global offshore oil production.

With multiple FPSO projects underway and more planned, the country is now central to major energy investment decisions.