Download PDF

1. Company Snapshot

1.a. Company Description

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide.The company operates in two segments, Lease and Operate, and Turnkey.It engages in the design, supply, installation, operation, lease, and life extension of floating production storage and offloading (FPSO) vessels, as well as semi-submersibles, tension leg platforms, liquefied natural gas (LNG) FPSOs, turret mooring systems, LNG regasification to power vessels, floating offshore wind, and brownfield and offshore loading terminals.


The company also provides catenary anchor leg mooring (CALM) or single point mooring (SPM) terminal; as well as provides solutions for floating unit mooring, flexible flowline, and subsea structure installation works.As of December 31, 2021, it operated a fleet of 14 FPSOs and 1 semi-submersible unit.The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005.


SBM Offshore N.V. was founded in 1862 and is headquartered in Schiphol, the Netherlands.

Show Full description

1.b. Last Insights on SBMO

SBM Offshore's recent performance has been driven by a strong trading update for Q3 2025, with a 26% increase in year-to-date directional revenue to $3.6 billion compared to Q3 2024. The company has also raised its full-year 2025 directional EBITDA guidance to around $1.65 billion. Additionally, the FPSO ONE GUYANA achieved first oil in August 2025, ahead of schedule. A €141 million share repurchase program is on track, with approximately 71% completed. The company's CEO, Øivind Tangen, is proposed for reappointment for a second term.

1.c. Company Highlights

2. SBM Offshore Delivers Robust 2024 Results with Record Revenue and EBITDA

SBM Offshore reported a stellar financial performance in 2024, achieving record revenue of $6.1 billion and EBITDA of $1.9 billion, driven by the successful execution of three new FPSO awards and a historic backlog of $35.1 billion. The company demonstrated strong operational efficiency, with 96% uptime for its fleet, surpassing industry standards. Key projects such as the completion of FPSO Prosperity underscored SBM’s ability to deliver complex offshore solutions. Safety remained paramount, with no significant injuries reported, reflecting the company’s commitment to operational excellence. The strategic divestment of non-core assets, including FPSO Kikeh, further streamlined operations and enhanced focus on high-margin projects.

Publication Date: Feb -28

📋 Highlights
  • Record Financial Performance:: SBM Offshore achieved record revenue of $6.1 billion and EBITDA of $1.9 billion, driven by new FPSO awards and a record backlog of $35.1 billion.
  • Operational Excellence:: The company maintained 96% fleet uptime, exceeding industry standards, and successfully completed key projects like FPSO Prosperity while prioritizing safety with no significant injuries reported.
  • Shareholder Returns Increase:: SBM proposed a 30% increase in shareholder returns to $1.59 per share, representing a 9% cash yield, with a minimum $1.7 billion aggregate return over six years.
  • Strategic Growth and Backlog Expansion:: The backlog grew by $5 billion, underpinning long-term cash flow visibility, with 40 FPSO prospects expected in the next three years, particularly in the Atlantic Basin.
  • Sustainability and Innovation:: SBM is targeting a 50% emission reduction by 2030 and developing innovative solutions like zero-emission FPSOs, positioning itself as a leader in the blue economy.

Operational Excellence and Strategic Awards

SBM Offshore’s operational prowess was evident in its fleet uptime of 96%, a testament to its rigorous maintenance and innovation-driven approach. The company also secured high-profile FPSO awards, including FPSO Jaguar for ExxonMobil Guyana and FPSO GranMorgu for TotalEnergies in Suriname, bolstering its position in key markets. These awards, combined with the addition of two new MPF hulls, position SBM Offshore to capitalize on growing FPSO demand, particularly in the Atlantic Basin, where the company has identified 40 prospects over the next three years.

Innovation and Decarbonization

SBM Offshore emphasized its commitment to innovation and sustainability, with three new FPSOs adding 655,000 barrels per day capacity, bringing the total fleet capacity to 2.7 million barrels per day by 2025. The company is at the forefront of the blue economy, investing in decarbonization initiatives and targeting a 50% reduction in emissions by 2030. Strategic partnerships and the development of zero-emission FPSOs highlight SBM’s leadership in addressing the energy transition while maintaining its core competencies in deepwater oil production.

Valuation and Shareholder Returns

As SBM Offshore continues to execute on its strategy, the combination of robust financial performance, operational excellence, and a strong backlog positions the company for sustained growth in the FPSO market. With a focus on innovation and decarbonization, SBM Offshore remains well-positioned to navigate the energy transition while delivering growing, stable returns to shareholders.

3. NewsRoom

Card image cap

Weekly share repurchase program transaction details

Dec -03

Source:

Card image cap

SBM Offshore N.V.'s (AMS:SBMO) Intrinsic Value Is Potentially 97% Above Its Share Price

Dec -03

Source:

Card image cap

Weekly share repurchase program transaction details

Nov -26

Source:

Card image cap

Weekly share repurchase program transaction details

Nov -19

Source:

Card image cap

SBM Offshore (ENXTAM:SBMO): Examining Valuation Following Recent Share Price Surge

Nov -17

Source:

Card image cap

Pending Economic Data Steadies European Bourses Midday

Nov -13

Source:

Card image cap

SBM Offshore Third Quarter 2025 Trading Update

Nov -13

Source:

Card image cap

Weekly share repurchase program transaction details

Nov -12

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.73%)

6. Segments

Turnkey

Expected Growth: 7.43%

SBM Offshore N.V.'s Turnkey segment growth of 7.43% is driven by increasing demand for FPSO (Floating Production Storage and Offloading) units, rising oil prices, and growing investments in deepwater exploration and production. Additionally, the company's strong order backlog, operational efficiency, and strategic partnerships contribute to its growth momentum.

Lease and Operate

Expected Growth: 8.37%

SBM Offshore N.V.'s Lease and Operate segment growth of 8.37% is driven by increasing demand for offshore oil and gas production, rising energy prices, and the company's strong backlog of orders. Additionally, the company's focus on cost reduction, operational efficiency, and strategic partnerships have contributed to its growth.

7. Detailed Products

FPSO (Floating Production Storage and Offloading) Units

SBM Offshore N.V. designs, builds, and operates FPSO units that allow for the production, processing, and storage of oil and gas at sea.

Turret Mooring Systems

SBM Offshore N.V. provides turret mooring systems that enable FPSOs to weathervane in harsh weather conditions, ensuring safe and efficient operations.

Semi-Submersible Platforms

SBM Offshore N.V. designs and builds semi-submersible platforms for drilling, production, and accommodation purposes.

TLP (Tension Leg Platform) and SPAR

SBM Offshore N.V. provides TLP and SPAR solutions for deepwater oil and gas production, offering a range of benefits including reduced costs and increased efficiency.

FPSO Lease and Operate

SBM Offshore N.V. offers a lease and operate model for FPSOs, providing clients with a comprehensive solution for offshore oil and gas production.

Engineering and Project Management Services

SBM Offshore N.V. provides engineering and project management services for offshore oil and gas projects, including FEED, detailed design, and construction management.

8. SBM Offshore N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SBM Offshore N.V. is medium due to the presence of alternative solutions for offshore oil and gas production, but the company's expertise and technology in FPSO vessels and semi-submersibles provide a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong relationships with major oil and gas companies, and the complexity of the products and services offered by SBM Offshore N.V.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the company's dependence on a few large suppliers for critical components, but the company's scale and global presence provide some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the offshore oil and gas industry, including the need for significant capital investment and specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the offshore oil and gas industry, with several established players competing for a limited number of contracts and projects.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.34%
Debt Cost 7.61%
Equity Weight 28.66%
Equity Cost 8.14%
WACC 7.76%
Leverage 248.86%

11. Quality Control: SBM Offshore N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Gaztransport Technigaz

A-Score: 7.0/10

Value: 2.4

Growth: 8.1

Quality: 9.4

Yield: 6.9

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Subsea 7

A-Score: 6.2/10

Value: 6.6

Growth: 6.9

Quality: 4.8

Yield: 5.6

Momentum: 6.5

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Technip Energies

A-Score: 6.1/10

Value: 7.0

Growth: 5.1

Quality: 6.1

Yield: 3.8

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
SBM Offshore

A-Score: 5.8/10

Value: 7.6

Growth: 5.3

Quality: 3.9

Yield: 3.1

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Saipem

A-Score: 5.2/10

Value: 8.2

Growth: 3.2

Quality: 4.2

Yield: 5.0

Momentum: 7.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
TechnipFMC

A-Score: 4.9/10

Value: 4.8

Growth: 5.1

Quality: 7.1

Yield: 0.6

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.42$

Current Price

24.42$

Potential

-0.00%

Expected Cash-Flows