Dutch oil and gas services company SBM Offshore increased its annual earnings outlook for the second time this year on Thursday, lifting its shares, as operating performance improved…
Dutch oil and gas services company SBM Offshore increased its annual earnings outlook for the second time this year on Thursday, lifting its shares, as operating performance improved.
The Amsterdam-listed company reported a 26% increase in its directional revenue to $3.6 billion in the third quarter, helped by a 90% rise in its turnkey business that builds and sells vessels to oil and gas companies.
The company said its directional core earnings (EBITDA) would come in at around $1.65 billion this year. It had last raised the target in August to above $1.6 billion.
It kept its guidance for 2025 revenue exceeding $5.0 billion unchanged.
Shares of the company were up around 6% at 0814 GMT, trading at their highest levels in more than 17 years.
SBM said its fleet uptime improved to 99.4% and three new floating production, storage and offloading vessels (FPSOs) came onstream, including Tamandaré, which set a Brazil oil output record, supporting the outlook lift.
"Suffice it to say that actually all three startups ... have been done really well," finance chief Douglas Wood told Reuters in an interview.
He added that with some risks failing to emerge and the year close to finishing, SBM had enough
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