1.5.1.1Projects

SBM Offshore continues to focus on the development of its portfolio of ocean infrastructure solutions to deliver high performance and ’best in industry’ products and services aligned with customer needs, building on SBM Offshore’s technology expertise and track record. The success of projects is determined by performance against a budgeted schedule, cost and quality within the HSSE and Target Excellence objectives. KPIs are set accordingly and managed through SBM Offshore’s Project Directorate and Project Dashboards.

The management approach remains based on (i) early engagement with customers; (ii) standardization in product design and execution to improve competitiveness, quality and time-to-market and to reduce emissions; and (iii) an increasing focus on the energy transition, using SBM Offshore’s core competencies to develop affordable, low-carbon solutions in the FPSO market, as well as in the alternative energy and other blue economy markets.

2024 Performance

Our project portfolio progressed as per plan. All the project teams maintained their focus on project delivery and safe operations, while working together, across time zones, with customers, yards and suppliers, to deliver the project portfolio on time and on budget, whilst ensuring the health and safety of everyone involved and the environment. SBM Offshore is grateful to all the project stakeholders for making this happen.

FPSO and FSO

  • FPSO Almirante Tamandaré – The FPSO was completed, commissioned successfully and then sailed-away from China in August 2024, with the FPSO installation and first oil from the field achieved on February 15, 2025.
  • FPSO Alexandre de Gusmão – The FPSO was completed, commissioned successfully and sailed away from China in December 2024. The voyage and installation are planned for early 2025 with first oil expected in the second quarter of 2025.
  • FPSO ONE GUYANA – The FPSO is under completion and commissioning. First oil is expected in the third quarter of 2025.
  • FPSO Jaguar – Detailed engineering and supply chain activities are progressing as per plan. The FPSO sail-away is planned for early 2027, with first oil expected by the end of that year.
  • GranMorgu FPSO – The detailed engineering and supply chain activities are progressing as per plan. The MPF C will be delivered in the first quarter of 2025 for dry dock and outfitting of riser balconies and mooring porches.
  • FSO Trion – Execution activities have started for the FSO hull and the disconnectable Turret Mooring System. Detailed engineering and procurement activities are progressing as per plan.

Fast4Ward® MPF hull

  • In 2024, one Fast4Ward® MPF hull was delivered: MPF 5 in SWS for FPSO Jaguar.
  • Two MPF hulls are under fabrication: MPF C for GranMorgu FPSO project and MPF D in CMHI for a future potential FPSO project.

Turret Mooring

Engineering and procurement activities have started, concentrated in Europe and China, for the above mentioned FSO Trion disconnectable Turret Mooring System (TMS), which will operate in Mexico.

Additionally, SBM Offshore has been supporting the commissioning of the TMS developed and delivered for the Johan Castberg FPSO, in preparation for its sail-away. After the FPSO reached its final destination in the Barents Sea, SBM Offshore supported the installation campaign, mooring hook-up and risers pull-in.

Further to the awards of the FSO Trion bare-boat charter, which will operate in Mexico, SBM Offshore has started the execution activities of the hull and the disconnectable TMS, where most of the activities are concentrated in Europe and China. Detailed engineering and procurement activities are currently progressing as per plan.

Terminals

Imodco has been working on projects in Qatar and Nigeria (a total of five CALM terminals) where Fast4Ward® principles are being used to deliver a better time frame for the end client. As a first mover on the concept of ammonia terminals, Imodco tested the technology this year with classification society and validated it at TRL4, ready to be offered to the market.

Imodco has also provided worldwide support for SBM Offshore’s own fleet and clients’ units, ranging from studies to executing life-extension scopes, performing critical interventions offshore and supplying full EPC services for capital spares. Further, Imodco is developing and implementing new sealing technologies and repair methodologies as well as early engineering for field electrification services.

Installation

In 2024, SBM Offshore successfully concluded the pre-installation of the mooring system for FPSO ONE GUYANA in Guyana, using its dedicated installation vessel the Normand Installer, and also supported the offshore installation of the mooring lines and hook-up for FPSO Almirante Tamandaré in Brazil.

In addition to supporting SBM Offshore’s own FPSO installation, SBM Offshore Installation services also supported the replacement of the top chains of Bonga FPSO mooring lines in Nigeria, and various other offshore operations for its fleet, such as riser pull-in on FPSO Sepetiba and the Gas-to-Energy project in Guyana.

SBM Offshore also secured the full transport and installation contract for deepwater mooring installation for the Raia Project in Brazil.

Floating Offshore Wind

The three floating offshore wind turbines that were installed by SBM Offshore at the end 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024. This is the first floating offshore wind project installed in France and the first project worldwide using tension leg mooring technology. While this pilot project represents approximately 10% of the globally installed floating wind capacity in 2024, approximately 60GW is forecast to be installed by 2040. All activities related to this nascent floating offshore wind market will be carried out in the future exclusively by Ekwil, a 50/50 joint venture created by SBM Offshore and Technip Energies in July 2024.

The joint venture brings together the industry-leading expertise and experience of two energy transition leaders to create Ekwil, a player solely in floating offshore wind. Its approach includes the development of two primary technology families: the Float4Wind® Tension Leg Platforms and the INO15 semi-submersible platforms.

Ekwil aims to set a new standard for reliable, cost-effective renewable energy solutions, making floating offshore wind energy a key resource in the quest for net zero emissions by 2040.

Future

SBM Offshore remain committed to its core operations while advancing towards a net zero future and a just transition. SBM Offshore will continue to advance the decarbonization of its core ocean infrastructure solutions and increase their standardization through its emissionZERO® and Fast4Ward® programs. At the same time, SBM Offshore applies its unique capabilities in ocean infrastructure to help enable the energy transition and deliver innovative solutions as a responsible partner within the blue economy for a sustainable future.