SBM Offshore N.V. was part of the AEX index between 2016 and 2018, but subsequently dropped to the MidKap (AMX), where the company remained out of the spotlight for nearly eight years. On March 23, 2026, however, SBM Offshore returned to the main index, at the expense of Randstad. That comeback is no coincidence. The share rose by more than 35% in the first three months of 2026, demonstrating remarkable strength in a volatile market. In this article, we analyse the company, discuss recent developments and share our view on the share price.
image_here
What does SBM Offshore do?
SBM Offshore designs and operates enormous floating production platforms that extract oil and gas from the deep ocean across the globe. These installations are known as FPSOs (Floating Production, Storage and Offloading). In practice, these are floating oil platforms that extract, process, store and transfer oil and gas directly at sea onto tanker vessels.
The company operates in two core segments. Within Lease & Operate, SBM leases its FPSOs through long-term contracts to major oil companies such as Petrobras, ExxonMobil and TotalEnergies. This generates stable and predictable cash flows. In the Turnkey segment, SBM designs and builds FPSOs on order, which are subsequently sold.
The key markets are located in South America, particularly Brazil, and in West Africa. These are regions where many new deepwater oil fields are currently being developed. SBM Offshore employs approximately 6,700 people, with its head office located at Schiphol. With a market capitalisation of approximately €6 billion, the company ranks among the larger Dutch listed companies.
Recent figures and forecast
On February 26, 2026, SBM Offshore presented its full-year results for 2025. The results were mixed, but predominantly solid. Revenue declined by 17% to $5.1 billion. This was primarily due to the sale of several FPSOs in the preceding year, which temporarily reduced the size of the Lease & Operate fleet.
EBITDA (earnings before interest, taxes, depreciation and amortisation) came in at $1.7 billion, a decline of 10%, but above the company's own forecast of $1.65 billion. Net profit amounted to $677 million, exceeding analyst expectations. Debt declined slightly to $5.7 billion and the order book remained strong at $31.1 billion.
The outlook is positive. For 2026, SBM Offshore expects revenue of approximately $6.5 billion and EBITDA of $1.8 billion. This represents growth of over 27% compared to 2025. In addition, the company anticipates approximately 16 new FPSO contracts between 2026 and 2028, providing strong visibility into future revenues.
What is our view on the SBM Offshore share price?
SBM Offshore has delivered an exceptionally strong share price performance over the past twelve months. From a low of around €15, the price has risen to approximately €36. That increase of more than 130% underscores the strength of the share, but also makes it vulnerable to a correction in the short term.
After such a rapid rise, a pullback is not only logical, but also healthy within a broader upward trend. Our algorithm anticipates a correction toward the €28 to €24 zone, where new entry and accumulation opportunities are expected to emerge for investors looking to position themselves for the next upward phase.
From this zone, our system expects a recovery toward the price target of €38. Investors with an existing position may consider holding it and using any weakness as an opportunity to add. New entrants would be wise to patiently wait for a correction and build their position gradually within the zone mentioned above.
Our projections are illustrated in the chart below.
Conclusion
SBM Offshore is a financially solid company operating in a market with clear growth dynamics. The return to the AEX, the strong order book and the attractive shareholder returns make the share fundamentally interesting.
The recent price increase makes the share vulnerable to a correction in the short term, but we view this as an opportunity. The combination of stable cash flows and visible growth makes SBM Offshore a compelling choice for investors with a longer time horizon.
SBM Offshore's next quarterly update is expected on May 7, 2026
Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.