{"success":true,"data":{"pressRelease":{"id":"24688","rtpr_id":"nGNE9KZbzF","ticker":"SBMO","exchange":"Euronext Amsterdam","all_tickers":["SBMO"],"title":"REG-SBM Offshore First Quarter 2026 Trading Update","author":"Globe Newswire","published_at":"2026-05-07T05:02:54.943Z","article_body":"Amsterdam, May 7, 2026\n\nHighlights\n* 216% increase in year-to-date Directional(1) revenue of US$3.5 billion\n* Increase in full year 2026 Directional revenue guidance from around US$6.5\nbillion to above US$6.9 billion\n* Full year 2026 Directional EBITDA baseline guidance maintained around US$1.8\nbillion\n* FEED contract award by ExxonMobil Guyana for the Longtail development\nproject\n* Two new Fast4Ward(® )MPF hulls ordered, driven by strong FPSO market\noutlook\n* Cash dividend of US$100 million (equivalent to EUR84 million(2) or EUR0.5009\nper ordinary share) payable on May 13, 2026\n* US$270 million (equivalent to EUR227 million(3)) share repurchase program on\ntrack, c. 18% completed(4)\n* Inclusion of SBM Offshore in the AEX index in March 2026\nØivind Tangen, CEO of SBM Offshore, commented:\n\n“We delivered a solid start to the year, underpinned by good project\nprogress and high uptime across the fleet. Our excellence focus and business\nmodel resilience provide consistently predictable performance, with\nDirectional revenue of US$3,489 million in line with our baseline guidance.\nBased on what we know today, we do not anticipate a material impact from the\ncurrent geopolitical situation, including tensions in the Middle East, on our\noperations, projects or financial position.\n\nOur performance supports our ambition to deliver growth in returns to\nshareholders. During the first quarter, we increased shareholder returns\nthrough a US$100 million cash dividend, payable on May 13, the initiation of a\nUS$270 million share buyback program(5), and an interim dividend of US$100\nmillion scheduled to be paid in September 2026. In aggregate, this represents\na 57% increase in returns compared with last year. Over the six‑year period\nuntil 2031, we remain on track to return at least US$2.1 billion to\nshareholders, with further upside potential. In parallel, the proceeds from\nthe sale of FPSO ONE GUYANA enabled further balance‑sheet deleveraging,\nreducing Directional net debt to US$3.2 billion, representing a 43% decrease\ncompared with year‑end 2025.\n\nOur turnkey portfolio is performing well with a continued strong growth\nmomentum: three projects are under construction and progressing as planned.\n\nOur industry leading Fast4Ward(®) program, combined with our integrated\nlifecycle approach and disciplined execution, enhances our ability to deliver\nlarge and complex deepwater solutions on time and on budget. This positions\nSBM Offshore well in a robust FPSO market that is increasingly characterized\nby projects with significant gas handling requirements. In March, we announced\nthe award of the FEED contracts for the Longtail development project in\nGuyana. Subject to final investment decision and government approvals, this\nproject would result in the construction of an FPSO with the highest gas\nhandling capacity ever deployed. Similarly, the two FPSOs in the\nSergipe-Alagoas basin in Brazil for which we are currently tendering, are both\ndesigned with substantial gas processing capacity; the process is progressing\nwell.\n\nConsidering the robust market outlook, we have ordered two additional new\nbuild Fast4Ward(®) MPF hulls to support ongoing tendering activities. Of the\nfour hulls on order for future projects, one has been allocated to support the\nLongtail development project in Guyana. Given our confidence in the FPSO and\nbroader ocean infrastructure market over the long term, we are also working\ntowards the replacement of our joint-venture owned installation vessel towards\nthe end of the decade; this will enable us to maintain our full lifecycle\nEPCIO offering in ocean infrastructure for the decades to come.\n\nLooking ahead, we will continue to advance our core FPSO business while\nselectively expanding into adjacent ocean infrastructure opportunities across\nthe blue economy, deploying our proven capabilities where we see attractive\nand disciplined growth opportunities.”\n\nFinancial Overview(6)\n\n                                  YTD Directional                 \n                                                                  \n in US$ million                   1Q 2026    1Q 2025    % Change  \n Directional Revenue              3,489      1,103      216%      \n Directional Lease and Operate    610        476        28%       \n Directional Turnkey              2,879      627        359%      \n                                                                  \n in US$ billion                   Mar-31-26  Dec-31-25  % Change  \n Directional Net Debt             3.2        5.7        -43%      \n\nDirectional revenue increased by more than 200% to US$3,489 million in the\nfirst quarter of 2026, compared with US$1,103 million in the same period last\nyear, mainly driven by the Turnkey segment.\n\nYear-to-date Directional Turnkey revenue stood at US$2,879 million. The\nincrease of more than US$2.2 billion compared with US$627 million in the same\nperiod last year was primarily driven by the sale of FPSO ONE GUYANA in\nFebruary 2026 and the allocation of a Fast4Ward(®) MPF hull to the Longtail\ndevelopment project. This was partly offset by the delivery of three FPSOs in\n2025 (FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA), which\ncontributed in the prior year.\n\nDirectional Lease and Operate revenue came in at US$610 million in the first\nquarter of 2026 compared with US$476 million in the year-ago period. This 28%\nincrease mainly stems from the change of scope with three FPSOs joining the\nfleet in 2025 (FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE\nGUYANA), partly offset by FPSO Aseng and FPU Thunder Hawk leaving the fleet in\n4Q 2025.\n\nDirectional Net Debt was US$3.2 billion for the period ending 1Q 2026, a 43%\ndecrease compared with the same period last year primarily due to the sale of\nFPSO ONE GUYANA. The hedge ratio of the floating-rate debt is above 90%.\n\nProject Review and Fleet Operational Update\n\nProjects under construction\n\n Project         Client             Contract              SBM Share  Capacity     Percentage of Completion  Project delivery  \n FPSO Jaguar     ExxonMobil Guyana  Sale & Operate        100%       250,000 bpd  >50% <75%                 2027              \n FSO Chalchi     Woodside           20-y Lease & Operate  100%       n/a          >25% <50%                 n/a (7)           \n FPSO GranMorgu  TotalEnergies      Sale & Operate        52%        220,000 bpd  >25% <50%                 2028              \n\nThe Turnkey project portfolio is progressing well, and all projects remain on\ntrack. An update on the individual ongoing projects is provided below\nconsidering the latest known circumstances.\n\nFPSO Jaguar – The topsides fabrication is nearing completion while the\nmodules lifting campaign and their integration continue to progress as\nplanned. First oil is expected in 2027. \n\nFSO Chalchi – Construction activities continue to progress as per plan\nincluding the fabrication of the disconnectable turret mooring system. The\nkeel laying milestone has been achieved for the hull. \n\nFPSO GranMorgu – The Fast4Ward(®) MPF hull and the topsides\nfabrication work in China continue to progress as per plan. First oil is\nexpected in 2028. \n\nStrategic positioning for new prospects\n\nThe strategic positioning of SBM Offshore in the deepwater market is supported\nby investments in the Company’s Fast4Ward(®) MPF hull program.\n\nTwelve Fast4Ward(® )MPF hulls have been ordered to date:\n* Eight Fast4Ward(®) MPF hulls are in operation or delivered to ongoing\nprojects under construction.\n* Four Fast4Ward(®) MPF hulls are under construction. One has been allocated\nto the Longtail project development in Guyana and three have been ordered to\nsupport active tendering with clients driven by the strong FPSO market\noutlook, with options for further hulls available with three yards.\nGiven our confidence in the FPSO and broader ocean infrastructure market over\nthe long term, we are also working towards the replacement of our\njoint-venture owned installation vessel towards the end of the decade. A new\nvessel will enable us to maintain our full lifecycle EPCIO offering and to\ncreate additional competitive advantages through improved reliability and the\nintegration of more offshore installation work scopes. This will in turn\nreduce execution risk for our clients and improve predictability of our EPCIO\nschedule and cost.\n\nFleet update\n\nFleet uptime – Year-to-date, the fleet uptime was 97.9%.\n\nSafety\n\nSafety – The Company remains focused on maintaining strong safety records.\nThere were zero fatalities or permanent impairment injuries in the first\nquarter of 2026, in line with the full year target of zero.\n\nShareholder Returns\n\nOn April 15, 2026, shareholders of the Company voted in favor of the proposed\nUS$100 million cash dividend (EUR84 million(8) equivalent or EUR0.5009 per\nshare). The dividend will be paid on May 13, 2026 to all shareholders of\nrecord as at April 20, 2026. In addition, SBM Offshore will pay a US$100\nmillion dividend for the first half year 2026(9).\n\nThe Company started a new share repurchase program of US$270 million (EUR227\nmillion equivalent(10)) as announced on February 26, 2026 and effective from\nFebruary 27, 2026. The program is progressing and was c. 18% completed on May\n6, 2026.\n\nOn this basis a minimum US$2.1 billion cash return to shareholders is expected\nup to 2031(11).\n\nGuidance\n\nThe Company’s 2026 Directional revenue guidance is increased to above US$6.9\nbillion, of which around US$2.3 billion is expected from the Lease and Operate\nsegment and above US$4.6 billion from the Turnkey segment.\n\n2026 Directional EBITDA baseline guidance is maintained around US$1.8 billion\nfor the Company.\n\nWe have increased our guidance versus the initial baseline mainly due to the\nLongtail FEED award and additional scope of work secured over the period. The\nguidance does not include all potential future FPSO awards and will be updated\nat the end of the relevant reporting period, if applicable.\n\nConference Call\n\nSBM Offshore has scheduled a conference call which will be followed by a Q&A\nsession, to discuss the First Quarter 2026 Trading update.\n\nThe event is scheduled for Thursday May 7, 2026, at 10:00 AM CEST (08:00 AM\nUTC) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).\n\nInterested parties are invited to register prior the call using the link:\nFirst Quarter 2026 Trading Update\n(https://www.globenewswire.com/Tracker?data=rYaTOupQ82m0asxGv9wnAL3ItnMxyHdhG4G63VRIz-reybPozMUp-6VTaQcdBWRgbr-3FliTxAPtOKngeX2rdAYoApQuNdx28if1LkQZmIUI11Np7W7Tm2qUB13fHxGobpv4gCLFRfnHUCmEiP_sHGShwWyBrMdSfIsPsWPRVTUa84k6VAG_GUp-0iRQuPNy0UOZr4_gsMMLBOgPQZdmrw==)\n\nPlease note that the conference call can only be accessed with a personal\nidentification code, which is sent to you by email after completion of the\nregistration.\n\nCorporate Profile\n\nSBM Offshore is a global leader in deepwater ocean infrastructure, delivering\nfloating production solutions across the full asset lifecycle—from design\nand construction to installation and operation. Supported by a global team of\nmore than 8,000 professionals, the Company operates a long-term, asset-backed\nbusiness model that delivers high availability assets and predictable cash\nflows. SBM Offshore combines engineering expertise, operational reliability,\nand selective innovation to support safe, efficient, and lower carbon energy\nproduction, while extending its capabilities into new opportunities across the\nblue economy.\n\nFor further information, please visit our website at www.sbmoffshore.com.\n\n Financial Calendar                   Date         Year  \n Half Year 2026 Earnings              August 6     2026  \n Third Quarter 2026 Trading Update    November 12  2026  \n Full Year 2026 Earnings              February 18  2027  \n Annual General Meeting               April 7      2027  \n First Quarter 2027 Trading Update    May 5        2027  \n\nFor further information, please contact:\nInvestor Relations\n\nWouter Holties\nCorporate Finance & Investor Relations Manager\n\n Phone:    +31 (0)20 236 32 36             \n E-mail:   wouter.holties@sbmoffshore.com  \n Website:  www.sbmoffshore.com             \n\nMedia Relations\n\nGiampaolo Arghittu\nHead of External Relations\n\n Phone:    +31 (0)6 212 62 333 / +39 33 494 79 584  \n E-mail:   giampaolo.arghittu@sbmoffshore.com       \n Website:  www.sbmoffshore.com                      \n\nMarket Abuse Regulation\n\nThis press release may contain inside information within the meaning of\nArticle 7(1) of the EU Market Abuse Regulation.\n\nDisclaimer\n\nSome of the statements contained in this release that are not historical facts\nare statements of future expectations and other forward-looking statements\nbased on management’s current views, expectations and various assumptions\nregarding the financial and non-financial position of SBM Offshore N.V.,\nanticipated developments and other factors, and involve known and unknown\nrisks, dependencies and uncertainties that could cause actual results,\nperformance, or events to differ materially from those in such statements.\nThese statements may be identified by words such as ‘expect’,\n‘should’, ‘could’, ‘shall’ and / or similar expressions. Such\nforward-looking statements are subject to various risks and uncertainties. The\nprincipal risks which could affect the future operations of SBM Offshore N.V.\nare described in the ‘Impacts, Risks and Opportunities’ section of the\n2025 Annual Report.\n\nShould one or more of these risks or uncertainties materialize, or should\nunderlying assumptions prove incorrect, actual results and performance of the\nCompany’s business may vary materially and adversely from the\nforward-looking statements described in this release. SBM Offshore N.V. does\nnot intend and does not assume any obligation to update any industry\ninformation or forward-looking statements set forth in this release to reflect\nnew information, subsequent events or otherwise.\n\nData underpinning certain disclosures – particularly sustainability-related\n- may be subject to inherent limitations. These limitations include but are\nnot limited to reliance on third party data providers whose data quality,\ncompleteness and integrity may differ; the use of estimates and assumptions\nwhere actual data is unavailable or incomplete; and dependencies on value\nchain partners for timely and accurate information provision. Methodologies,\nstandards and regulatory requirements for measuring and reporting\ninformation—especially sustainability related information—continue to\nevolve. As a result, our measurement approaches and reported figures may be\nrefined over time as more accurate, granular or standardized data becomes\navailable. Accordingly, all data, and emissions data in particular, should be\ninterpreted in light of these limitations and the ongoing maturation of\nsustainability reporting practices across our value chain.\n\nThis release contains certain alternative performance measures (APMs) as\ndefined by the ESMA guidelines which are not defined under IFRS. Further\ninformation on these APMs is included in 2025 Annual Report, available on our\nwebsite Annual Reports - SBM Offshore\n(https://www.globenewswire.com/Tracker?data=9pnbwYrvq1qHYESxUcsdB0X1CHKADV9_px2vJ85_J3vjvLdRV9GM0BhsyvxK9rb2fiJvJDwZRCMLb2H9WUftvv0EobRycF3BliZ8T-ABhFvZDOGp4paRN6xPYidt7TOjHndMf8TvhmmrXbRDGNay7g==).\n\nNothing in this release shall be deemed an offer to sell, or a solicitation of\nan offer to buy, any securities. The companies in which SBM Offshore N.V.\ndirectly and indirectly owns investments are separate legal entities. In this\nrelease “SBM Offshore” and “SBM” are sometimes used for convenience\nwhere references are made to SBM Offshore N.V. and its subsidiaries in\ngeneral. These expressions are also used where no useful purpose is served by\nidentifying the particular company or companies.\n\n\"SBM Offshore(®)\", the SBM logomark, “Fast4Ward(®)”, and “F4W(®)”\nand “Imodco(®)” are proprietary marks owned by SBM Offshore.\n\n(1) Directional reporting, presented in the Financial Statements under section\nOperating Segments and Directional Reporting, represents a pro-forma\naccounting policy, which treats all lease contracts as operating leases and\nconsolidates all co-owned investees related to lease contracts on a\nproportional basis based on percentage of ownership. This explanatory note\nrelates to all Directional reporting in this document.\n(2) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(3) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(4) As of May 6, 2026.\n(5) Including maximum US$30 million for management and employee share plans.\n\n(6) Numbers may not add up due to rounding.\n(7) Project delivery not disclosed by the client. \n(8) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(9) The interim dividend is subject to final resolution and is payable in\nSeptember 2026.\n(10) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(11) Including cash returned in 2026.\n\nAttachment\n*     SBM Offshore First Quarter 2026 Trading Update\n(https://ml-eu.globenewswire.com/Resource/Download/75626324-94dc-4edc-a356-97e665a86408)","article_body_html":"","raw_payload":{"data":{"id":"nGNE9KZbzF","title":"REG-SBM Offshore First Quarter 2026 Trading Update","author":"Globe Newswire","ticker":"SBMO","created":"2026-05-07T05:02:54.943Z","tickers":["SBMO"],"exchange":"Euronext Amsterdam","article_body":"Amsterdam, May 7, 2026\n\nHighlights\n* 216% increase in year-to-date Directional(1) revenue of US$3.5 billion\n* Increase in full year 2026 Directional revenue guidance from around US$6.5\nbillion to above US$6.9 billion\n* Full year 2026 Directional EBITDA baseline guidance maintained around US$1.8\nbillion\n* FEED contract award by ExxonMobil Guyana for the Longtail development\nproject\n* Two new Fast4Ward(® )MPF hulls ordered, driven by strong FPSO market\noutlook\n* Cash dividend of US$100 million (equivalent to EUR84 million(2) or EUR0.5009\nper ordinary share) payable on May 13, 2026\n* US$270 million (equivalent to EUR227 million(3)) share repurchase program on\ntrack, c. 18% completed(4)\n* Inclusion of SBM Offshore in the AEX index in March 2026\nØivind Tangen, CEO of SBM Offshore, commented:\n\n“We delivered a solid start to the year, underpinned by good project\nprogress and high uptime across the fleet. Our excellence focus and business\nmodel resilience provide consistently predictable performance, with\nDirectional revenue of US$3,489 million in line with our baseline guidance.\nBased on what we know today, we do not anticipate a material impact from the\ncurrent geopolitical situation, including tensions in the Middle East, on our\noperations, projects or financial position.\n\nOur performance supports our ambition to deliver growth in returns to\nshareholders. During the first quarter, we increased shareholder returns\nthrough a US$100 million cash dividend, payable on May 13, the initiation of a\nUS$270 million share buyback program(5), and an interim dividend of US$100\nmillion scheduled to be paid in September 2026. In aggregate, this represents\na 57% increase in returns compared with last year. Over the six‑year period\nuntil 2031, we remain on track to return at least US$2.1 billion to\nshareholders, with further upside potential. In parallel, the proceeds from\nthe sale of FPSO ONE GUYANA enabled further balance‑sheet deleveraging,\nreducing Directional net debt to US$3.2 billion, representing a 43% decrease\ncompared with year‑end 2025.\n\nOur turnkey portfolio is performing well with a continued strong growth\nmomentum: three projects are under construction and progressing as planned.\n\nOur industry leading Fast4Ward(®) program, combined with our integrated\nlifecycle approach and disciplined execution, enhances our ability to deliver\nlarge and complex deepwater solutions on time and on budget. This positions\nSBM Offshore well in a robust FPSO market that is increasingly characterized\nby projects with significant gas handling requirements. In March, we announced\nthe award of the FEED contracts for the Longtail development project in\nGuyana. Subject to final investment decision and government approvals, this\nproject would result in the construction of an FPSO with the highest gas\nhandling capacity ever deployed. Similarly, the two FPSOs in the\nSergipe-Alagoas basin in Brazil for which we are currently tendering, are both\ndesigned with substantial gas processing capacity; the process is progressing\nwell.\n\nConsidering the robust market outlook, we have ordered two additional new\nbuild Fast4Ward(®) MPF hulls to support ongoing tendering activities. Of the\nfour hulls on order for future projects, one has been allocated to support the\nLongtail development project in Guyana. Given our confidence in the FPSO and\nbroader ocean infrastructure market over the long term, we are also working\ntowards the replacement of our joint-venture owned installation vessel towards\nthe end of the decade; this will enable us to maintain our full lifecycle\nEPCIO offering in ocean infrastructure for the decades to come.\n\nLooking ahead, we will continue to advance our core FPSO business while\nselectively expanding into adjacent ocean infrastructure opportunities across\nthe blue economy, deploying our proven capabilities where we see attractive\nand disciplined growth opportunities.”\n\nFinancial Overview(6)\n\n                                  YTD Directional                 \n                                                                  \n in US$ million                   1Q 2026    1Q 2025    % Change  \n Directional Revenue              3,489      1,103      216%      \n Directional Lease and Operate    610        476        28%       \n Directional Turnkey              2,879      627        359%      \n                                                                  \n in US$ billion                   Mar-31-26  Dec-31-25  % Change  \n Directional Net Debt             3.2        5.7        -43%      \n\nDirectional revenue increased by more than 200% to US$3,489 million in the\nfirst quarter of 2026, compared with US$1,103 million in the same period last\nyear, mainly driven by the Turnkey segment.\n\nYear-to-date Directional Turnkey revenue stood at US$2,879 million. The\nincrease of more than US$2.2 billion compared with US$627 million in the same\nperiod last year was primarily driven by the sale of FPSO ONE GUYANA in\nFebruary 2026 and the allocation of a Fast4Ward(®) MPF hull to the Longtail\ndevelopment project. This was partly offset by the delivery of three FPSOs in\n2025 (FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA), which\ncontributed in the prior year.\n\nDirectional Lease and Operate revenue came in at US$610 million in the first\nquarter of 2026 compared with US$476 million in the year-ago period. This 28%\nincrease mainly stems from the change of scope with three FPSOs joining the\nfleet in 2025 (FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE\nGUYANA), partly offset by FPSO Aseng and FPU Thunder Hawk leaving the fleet in\n4Q 2025.\n\nDirectional Net Debt was US$3.2 billion for the period ending 1Q 2026, a 43%\ndecrease compared with the same period last year primarily due to the sale of\nFPSO ONE GUYANA. The hedge ratio of the floating-rate debt is above 90%.\n\nProject Review and Fleet Operational Update\n\nProjects under construction\n\n Project         Client             Contract              SBM Share  Capacity     Percentage of Completion  Project delivery  \n FPSO Jaguar     ExxonMobil Guyana  Sale & Operate        100%       250,000 bpd  >50% <75%                 2027              \n FSO Chalchi     Woodside           20-y Lease & Operate  100%       n/a          >25% <50%                 n/a (7)           \n FPSO GranMorgu  TotalEnergies      Sale & Operate        52%        220,000 bpd  >25% <50%                 2028              \n\nThe Turnkey project portfolio is progressing well, and all projects remain on\ntrack. An update on the individual ongoing projects is provided below\nconsidering the latest known circumstances.\n\nFPSO Jaguar – The topsides fabrication is nearing completion while the\nmodules lifting campaign and their integration continue to progress as\nplanned. First oil is expected in 2027. \n\nFSO Chalchi – Construction activities continue to progress as per plan\nincluding the fabrication of the disconnectable turret mooring system. The\nkeel laying milestone has been achieved for the hull. \n\nFPSO GranMorgu – The Fast4Ward(®) MPF hull and the topsides\nfabrication work in China continue to progress as per plan. First oil is\nexpected in 2028. \n\nStrategic positioning for new prospects\n\nThe strategic positioning of SBM Offshore in the deepwater market is supported\nby investments in the Company’s Fast4Ward(®) MPF hull program.\n\nTwelve Fast4Ward(® )MPF hulls have been ordered to date:\n* Eight Fast4Ward(®) MPF hulls are in operation or delivered to ongoing\nprojects under construction.\n* Four Fast4Ward(®) MPF hulls are under construction. One has been allocated\nto the Longtail project development in Guyana and three have been ordered to\nsupport active tendering with clients driven by the strong FPSO market\noutlook, with options for further hulls available with three yards.\nGiven our confidence in the FPSO and broader ocean infrastructure market over\nthe long term, we are also working towards the replacement of our\njoint-venture owned installation vessel towards the end of the decade. A new\nvessel will enable us to maintain our full lifecycle EPCIO offering and to\ncreate additional competitive advantages through improved reliability and the\nintegration of more offshore installation work scopes. This will in turn\nreduce execution risk for our clients and improve predictability of our EPCIO\nschedule and cost.\n\nFleet update\n\nFleet uptime – Year-to-date, the fleet uptime was 97.9%.\n\nSafety\n\nSafety – The Company remains focused on maintaining strong safety records.\nThere were zero fatalities or permanent impairment injuries in the first\nquarter of 2026, in line with the full year target of zero.\n\nShareholder Returns\n\nOn April 15, 2026, shareholders of the Company voted in favor of the proposed\nUS$100 million cash dividend (EUR84 million(8) equivalent or EUR0.5009 per\nshare). The dividend will be paid on May 13, 2026 to all shareholders of\nrecord as at April 20, 2026. In addition, SBM Offshore will pay a US$100\nmillion dividend for the first half year 2026(9).\n\nThe Company started a new share repurchase program of US$270 million (EUR227\nmillion equivalent(10)) as announced on February 26, 2026 and effective from\nFebruary 27, 2026. The program is progressing and was c. 18% completed on May\n6, 2026.\n\nOn this basis a minimum US$2.1 billion cash return to shareholders is expected\nup to 2031(11).\n\nGuidance\n\nThe Company’s 2026 Directional revenue guidance is increased to above US$6.9\nbillion, of which around US$2.3 billion is expected from the Lease and Operate\nsegment and above US$4.6 billion from the Turnkey segment.\n\n2026 Directional EBITDA baseline guidance is maintained around US$1.8 billion\nfor the Company.\n\nWe have increased our guidance versus the initial baseline mainly due to the\nLongtail FEED award and additional scope of work secured over the period. The\nguidance does not include all potential future FPSO awards and will be updated\nat the end of the relevant reporting period, if applicable.\n\nConference Call\n\nSBM Offshore has scheduled a conference call which will be followed by a Q&A\nsession, to discuss the First Quarter 2026 Trading update.\n\nThe event is scheduled for Thursday May 7, 2026, at 10:00 AM CEST (08:00 AM\nUTC) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).\n\nInterested parties are invited to register prior the call using the link:\nFirst Quarter 2026 Trading Update\n(https://www.globenewswire.com/Tracker?data=rYaTOupQ82m0asxGv9wnAL3ItnMxyHdhG4G63VRIz-reybPozMUp-6VTaQcdBWRgbr-3FliTxAPtOKngeX2rdAYoApQuNdx28if1LkQZmIUI11Np7W7Tm2qUB13fHxGobpv4gCLFRfnHUCmEiP_sHGShwWyBrMdSfIsPsWPRVTUa84k6VAG_GUp-0iRQuPNy0UOZr4_gsMMLBOgPQZdmrw==)\n\nPlease note that the conference call can only be accessed with a personal\nidentification code, which is sent to you by email after completion of the\nregistration.\n\nCorporate Profile\n\nSBM Offshore is a global leader in deepwater ocean infrastructure, delivering\nfloating production solutions across the full asset lifecycle—from design\nand construction to installation and operation. Supported by a global team of\nmore than 8,000 professionals, the Company operates a long-term, asset-backed\nbusiness model that delivers high availability assets and predictable cash\nflows. SBM Offshore combines engineering expertise, operational reliability,\nand selective innovation to support safe, efficient, and lower carbon energy\nproduction, while extending its capabilities into new opportunities across the\nblue economy.\n\nFor further information, please visit our website at www.sbmoffshore.com.\n\n Financial Calendar                   Date         Year  \n Half Year 2026 Earnings              August 6     2026  \n Third Quarter 2026 Trading Update    November 12  2026  \n Full Year 2026 Earnings              February 18  2027  \n Annual General Meeting               April 7      2027  \n First Quarter 2027 Trading Update    May 5        2027  \n\nFor further information, please contact:\nInvestor Relations\n\nWouter Holties\nCorporate Finance & Investor Relations Manager\n\n Phone:    +31 (0)20 236 32 36             \n E-mail:   wouter.holties@sbmoffshore.com  \n Website:  www.sbmoffshore.com             \n\nMedia Relations\n\nGiampaolo Arghittu\nHead of External Relations\n\n Phone:    +31 (0)6 212 62 333 / +39 33 494 79 584  \n E-mail:   giampaolo.arghittu@sbmoffshore.com       \n Website:  www.sbmoffshore.com                      \n\nMarket Abuse Regulation\n\nThis press release may contain inside information within the meaning of\nArticle 7(1) of the EU Market Abuse Regulation.\n\nDisclaimer\n\nSome of the statements contained in this release that are not historical facts\nare statements of future expectations and other forward-looking statements\nbased on management’s current views, expectations and various assumptions\nregarding the financial and non-financial position of SBM Offshore N.V.,\nanticipated developments and other factors, and involve known and unknown\nrisks, dependencies and uncertainties that could cause actual results,\nperformance, or events to differ materially from those in such statements.\nThese statements may be identified by words such as ‘expect’,\n‘should’, ‘could’, ‘shall’ and / or similar expressions. Such\nforward-looking statements are subject to various risks and uncertainties. The\nprincipal risks which could affect the future operations of SBM Offshore N.V.\nare described in the ‘Impacts, Risks and Opportunities’ section of the\n2025 Annual Report.\n\nShould one or more of these risks or uncertainties materialize, or should\nunderlying assumptions prove incorrect, actual results and performance of the\nCompany’s business may vary materially and adversely from the\nforward-looking statements described in this release. SBM Offshore N.V. does\nnot intend and does not assume any obligation to update any industry\ninformation or forward-looking statements set forth in this release to reflect\nnew information, subsequent events or otherwise.\n\nData underpinning certain disclosures – particularly sustainability-related\n- may be subject to inherent limitations. These limitations include but are\nnot limited to reliance on third party data providers whose data quality,\ncompleteness and integrity may differ; the use of estimates and assumptions\nwhere actual data is unavailable or incomplete; and dependencies on value\nchain partners for timely and accurate information provision. Methodologies,\nstandards and regulatory requirements for measuring and reporting\ninformation—especially sustainability related information—continue to\nevolve. As a result, our measurement approaches and reported figures may be\nrefined over time as more accurate, granular or standardized data becomes\navailable. Accordingly, all data, and emissions data in particular, should be\ninterpreted in light of these limitations and the ongoing maturation of\nsustainability reporting practices across our value chain.\n\nThis release contains certain alternative performance measures (APMs) as\ndefined by the ESMA guidelines which are not defined under IFRS. Further\ninformation on these APMs is included in 2025 Annual Report, available on our\nwebsite Annual Reports - SBM Offshore\n(https://www.globenewswire.com/Tracker?data=9pnbwYrvq1qHYESxUcsdB0X1CHKADV9_px2vJ85_J3vjvLdRV9GM0BhsyvxK9rb2fiJvJDwZRCMLb2H9WUftvv0EobRycF3BliZ8T-ABhFvZDOGp4paRN6xPYidt7TOjHndMf8TvhmmrXbRDGNay7g==).\n\nNothing in this release shall be deemed an offer to sell, or a solicitation of\nan offer to buy, any securities. The companies in which SBM Offshore N.V.\ndirectly and indirectly owns investments are separate legal entities. In this\nrelease “SBM Offshore” and “SBM” are sometimes used for convenience\nwhere references are made to SBM Offshore N.V. and its subsidiaries in\ngeneral. These expressions are also used where no useful purpose is served by\nidentifying the particular company or companies.\n\n\"SBM Offshore(®)\", the SBM logomark, “Fast4Ward(®)”, and “F4W(®)”\nand “Imodco(®)” are proprietary marks owned by SBM Offshore.\n\n(1) Directional reporting, presented in the Financial Statements under section\nOperating Segments and Directional Reporting, represents a pro-forma\naccounting policy, which treats all lease contracts as operating leases and\nconsolidates all co-owned investees related to lease contracts on a\nproportional basis based on percentage of ownership. This explanatory note\nrelates to all Directional reporting in this document.\n(2) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(3) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(4) As of May 6, 2026.\n(5) Including maximum US$30 million for management and employee share plans.\n\n(6) Numbers may not add up due to rounding.\n(7) Project delivery not disclosed by the client. \n(8) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(9) The interim dividend is subject to final resolution and is payable in\nSeptember 2026.\n(10) Based on the EUR/US$ forward exchange rate on February 18, 2026.\n(11) Including cash returned in 2026.\n\nAttachment\n*     SBM Offshore First Quarter 2026 Trading Update\n(https://ml-eu.globenewswire.com/Resource/Download/75626324-94dc-4edc-a356-97e665a86408)"},"type":"article","timestamp":"2026-05-07T05:02:55.044279544Z","server_sent_at_ms":1778130175044},"received_at":"2026-05-07T05:02:55.205Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}