SBM Offshore strategy and backlog, shares anchored in the energy sector

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-28, 13:17.

SBM Offshore (NL0000360618) operates a portfolio of long-term floating production systems for the offshore energy industry. The company is closely tied to major oil and gas projects operated by international energy groups such as Shell and ExxonMobil, with its shares primarily traded on Euronext Amsterdam.

Long-term FPSO focus

SBM Offshore’s core business centers on designing, building, owning and operating floating production, storage and offloading units, or FPSOs, which are used to develop offshore oil fields for clients including Petrobras and ExxonMobil. The company’s lease and operate model typically runs over contracts of 15 to 25 years, providing recurring revenue and cash flow over extended periods.

In recent years a significant share of SBM Offshore’s backlog has come from large FPSO projects in offshore Brazil and Guyana, where deepwater developments have driven demand for complex floating production systems. The company’s standardized hull and topside designs aim to reduce development time and cost, supporting its competitive position in the global FPSO market.

Backlog and sector context

SBM Offshore regularly reports a multi-billion dollar order backlog linked to FPSO lease and operate contracts, a key indicator of future revenues and cash flows. This backlog reflects the company’s exposure to long-duration offshore projects in regions such as Latin America and West Africa, where oil companies continue to invest in deepwater fields.

In the broader energy sector, SBM Offshore is often compared with other offshore engineering and services firms that support large oil and gas developments, including companies providing subsea equipment or drilling services. The company’s fortunes are therefore linked to capital expenditure cycles by major integrated oil companies and national oil companies, which influence the timing of new FPSO awards and extensions.

How SBM Offshore makes money

SBM Offshore generates most of its revenue from leasing and operating FPSOs under long-term contracts, supplemented by turnkey sales of floating production systems and services. Under its lease and operate model, the company often forms special purpose entities that own individual FPSOs, with SBM Offshore retaining a significant equity interest while partners and clients hold minority stakes.

Where the stock trades today

The SBM Offshore shares (NL0000360618) trade on Euronext Amsterdam, with the latest verifiable quote data indicating a listing in euros without a precise live price stamp available at the time of writing.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a buy or sell recommendation, or a solicitation to trade any securities. All data are based on sources believed to be reliable but cannot be guaranteed.