SBM Offshore N.V. (SBFFY.PK) Thursday said its directional revenue for the first quarter increased 27% to $1.103 billion from $871 million in the same period last year, driven by the Turnkey segment.
Directional Turnkey revenue was $627 million, 98% up from $316 million a year ago, reflecting the progress on FPSO GranMorgu and FPSO Jaguar, booked under the sale and operate model.
Looking ahead, the company continues to expect full-year Directional revenue to be $4.9 billion. Fiscal 2025 Directional EBITDA, or Directional earnings before interest, taxes, depreciation, and amortization outlook is maintained at around $1.55 billion.
SBM Offshore noted that Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership.
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