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SBM Offshore’s Turnkey Business Drives Jump in Quarterly Revenue

SBM Offshore’s Turnkey Business Drives Jump in Quarterly Revenue

Oil and gas services group SBM Offshore (SBMO.AS) on Thursday reported an 89% jump in first-quarter revenue, as the Dutch firm benefitted from the sale of stakes in two floating production storage and offloading (FPSO) vessels.

SBM’s turnkey business, which builds and sells floating production and storage vessels to oil and gas firms, saw its revenue grow 269% to $565 million in the quarter, driven by a higher contribution from the divestment of a 45% interest in FPSOs Alexandre de Gusmão and Almirante Tamandaré.

Chief Executive Bruno Chabas said the group continued to adapt to the impacts of the COVID-19 pandemic and the increased pressure on the global supply chain resulting from the conflict between Russia and Ukraine.

A global rush to secure more oil and gas after Russia’s invasion of Ukraine is reshaping energy markets and creating supply bottlenecks.

The company posted revenue of $970 million for the first three months of 2022, compared with $513 million a year earlier.

The group also confirmed its full-year guidance for earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $900 million and revenue of above $3.1 billion.

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