Ladies and gentlemen, thank you for holding and welcome to the SBM Offshore Full Year 2025 Earnings. At this moment, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Just to remind you, this conference is being recorded. I would like to hand the conference over to Mr. Øivind Tangen. Go ahead, please.
Thank you, operator. Good morning, everyone, welcome to the SBM Offshore Full Year 2025 Earnings Call. I am Øivind Tangen, CEO of SBM Offshore, and joining me this morning, as always, is our Chief Financial Officer, Douglas Wood. We appreciate you being with us today, and thank you for your interest in SBM Offshore's journey and progress. Please note the disclaimer. All right. Putting 2025 behind us, we are entering 2026 with discipline and momentum. Our strategy to advance our core and pioneer more is unlocking profitable growth, powered by more than 60 years of deepwater ocean infrastructure capability, which today is playing out in a hot market.
We are strengthening returns in our core portfolio through our focus on excellence in our ocean infrastructure solutions, promoting decarbonization and increasing efficiency of oil and gas production, while opening new value pools across the blue economy by applying our deepwater capabilities to new markets. With a resilient backlog and a commitment to execution excellence, SBM Offshore is set to continue to deliver meaningful value for our clients and shareholders, thanks to our infrastructure capability. We are strengthening returns in our core portfolio and at the same time, gently positioning for the long-term future through diversification in other ocean infrastructure markets. 2025 was a year of strong delivery for SBM Offshore. Our teams continued to raise the bar by starting up three of the world's largest and most complex FPSOs within just six months.
This performance is also reflected in our financial results, with directional revenue reaching $5.1 billion and a directional EBITDA of $1.7 billion. Thanks to this performance and factoring in the early purchase of FPSO ONE GUYANA this month, we are increasing our cash return by 57% year-on-year to a record $2.57 per share. Over the next six years through 2031, we expect to return a minimum of $2.1 billion to shareholders with further upside potential. The startup of FPSOs Almirante Tamandaré, Alexandre de Gusmão, and ONE GUYANA in 2025 made a material contribution to increase global deepwater oil supply. The SBM fleet now stands at 16 units, delivering just under 2 million barrels of oil per day.
Bringing three large FPSOs on stream in such a short timeframe speaks to the strength of our project execution model, the de-risking achieved through standardized design, and the value of a life cycle operating model. With the delivery of these three units, we have freed up capacity for new projects, and we are well-positioned to capture opportunities with 16 prospects in our sweet spot in the coming three years. We are positioning for growth by advancing our excellence journey to consistently deliver responsible, innovative, and competitive solutions to our clients. With two Fast4Ward MPF hulls in hand, we are maintaining disciplined readiness, prepared to move when the right opportunities arise. In 2025, with the three units, we delivered around 45% of all new deepwater production capacity in the world.
FPSOs Almirante Tamandaré, FPSO Alexandre de Gusmão, and ONE GUYANA were brought online in only six months, from February to August, adding a combined 655,000 barrels of oil per day of production capacity. This pace of delivery reflects the strength of our Fast4Ward approach and experience of our teams across the life cycle. These units also achieved industry-leading startup performance, with an average flare out of the gas in less than 50 days. The successful startup of these three FPSOs is the fruit of our focus on continuous improvements. Learnings are translated into tangible application at each phase of an SBM Offshore asset: design, construction, commissioning, operation, and decommissioning. Powered by Fast4Ward, our core business is built for lasting performance, with safety and reliability as our top priorities.
Across our fleet of 16 units, we delivered over 99% uptime, reflecting the commitment and expertise of our teams worldwide. We are today the world's largest contractor by global oil production capacity. This includes the outstanding performance of our units in Guyana, where the debottlenecking of processing facilities has increased production capacity by over 100,000 barrels of oil per day, bringing total production for the four units to almost 860,000 barrels of oil per day in the fourth quarter of 2025. Our reliability and operational excellence matters. We produce approximately 2% of current global oil production, with a capacity of 2.7 million barrels of oil per day and over 4.1 billion standard cu ft per day of gas handling capacity.
To further optimize reliability and operational excellence, we have entered into strategic collaboration agreements with Cognite and SLB to develop an AI-powered digital ecosystem, which will enable further improvement in our asset management capabilities over the full FPSO lifecycle. Through our Fast4Ward program, we are consistently and reliably delivering units at pace and at scale. In just 3.5 years, we've brought six Fast4Ward FPSOs online, which combined production represents about 12% of total deepwater production at the end of 2025. The sustained need for energy continues to drive demand for oil and gas. As supply from existing fields naturally declines over time, new developments, and especially deepwater FPSOs, will be required to bridge the supply-demand gap. In addition to oil, gas plays a crucial role in meeting global energy needs.
Modern deepwater FPSOs are equipped with enhanced gas processing and handling capabilities. These improvements help reduce flaring and emissions, and in some cases, provide supply of natural gas for power generation and industrial use onshore. As the industry evolves, gas handling capability has become a key driver in the design and deployment of FPSOs, ensuring both environmental performance and operational efficiency. The deepwater segment is competitive, with lower costs of supply compared with other sources, and demonstrates lower emissions intensity, especially for the new build FPSOs. This double resilience positions deepwater production to continue to expand, and the expectation is that for the remainder of this decade, 35% of new oil production is expected to come from deepwater developments. On the back of that, we see a resilient pipeline of opportunities in our market of large and complex FPSOs.
Over the past decade, there has been a structural rise in the number of FPSOs deployed in oil ultra-deepwater, with the number of units doubling between 2015 and 2025. In the same period, we see a consistent trend in the increased size of FPSOs, driven by the need for higher gas handling capacity and greater processing capacity, with the weight of topsides growing 3x over the past decade. Due to the level of complexity of these deepwater projects, implementing a standardized approach like Fast4Ward helps to lower schedule risk, manage costs reliably, and improve quality of the product delivered. With our proven capabilities, we are ready to capture our share of the market in the Atlantic Basin. SBM Offshore's Fast4Ward approach of new build standardized FPSOs has proven its success, and we've delivered six Fast4Ward projects over the past 3.5 years.
Benefiting from the full lifecycle of learnings, now with six units in operation, Fast4Ward is not just a standardized product, it is also a way of working, providing predictable outcomes, ensuring on-time delivery, on-budget, operational excellence, creating value for all our stakeholders. On the back of the successful delivery of three FPSOs in 2025, we now have three major projects under construction in our turnkey portfolio: FPSO Jaguar for ExxonMobil, FPSO Trion for Woodside, and FPSO GranMorgu for TotalEnergies. All three projects are progressing well and remain on schedule, with overall portfolio progress currently at approximately 40% completion. In anticipation of new projects, we have strategically invested in two Fast4Ward MPF hulls to support ongoing tender activities. We have slot options available in our partnership yards and extended our collaboration with the third yard for further flexibility.
We maintain our in-house capacity for six projects in parallel, with additional execution model alternatives available, allowing to increase this capacity. We are ready to grow our portfolio. As land-based solutions face increasing challenges, such as grid congestion and limited coastal space, ocean infrastructure is emerging as a scalable and strategic alternative. By modularizing and marinizing industrial processes, we enable energy and industrial activities to expand into areas where traditional land-based systems can no longer keep pace. Ocean infrastructure solutions are modular, standardized, flexible, and scalable, fully aligned with our Fast4Ward philosophy. This approach allows us to diversify and deploy proven technologies efficiently, including carbon capture, storage solutions, lower carbon power, blue ammonia production, and freshwater generation. As you can see at the bottom here, we are positioning to create tangible options in these new ocean infrastructure markets.
Our lifecycle asset management capability is built on more than 60 years of offshore experience. This deep expertise, combined with our commitment to standardization, enables us to deliver high-performance solutions that support a more sustainable future while remaining disciplined in how we assess opportunities for global deployment. With that, over to Douglas for our financials.
Thank you, Øivind. Good morning, everybody. Our strong performance in 2025, with revenue of more than $5 billion and EBITDA of over $1.7 billion, reflects the great execution capabilities of our teams on a portfolio which is growing. As you just heard, the market outlook remains very positive. Following last year's deliveries, we have capacity to reload and further grow our backlog after materializing strong revenue and cash flow in 2025. A result of this, our order book stood at $31.1 billion at year-end, from which we expect to generate $8.4 billion net cash.
We'll look at the outlook for the backlog in financial terms in a minute, but as you know, growth will be driven by shorter cycle, Sale and Operate awards, which will mean our balance sheet will continue to delever as we pay down existing project debt. Net debt at the end of the year was slightly lower than the previous year, but with the sale of ONE GUYANA a few weeks ago, this has dropped by $1.7 billion. Factoring that in on a pro forma basis would make it $3.9 billion, with a leverage ratio a bit higher than 2 times 2025 EBITDA.
The strong performance in 2025, headroom in the existing backlog and sale of ONE GUYANA are the drivers of the evolution in shareholder returns, where we're increasing our aggregate cash return by 57% to $440 million or $2.57 per share. Within this amount, there's a one-off component of $100 million from the fact that we're moving to an interim dividend in 2026. Taking this into consideration, for the six years to 2031 inclusive, this would result in a minimum aggregate return of more than $2.1 billion. I'm going to explain all the details in a bit, but first, to review the results for 2025 in more detail.
Starting with the backlog, this was $31.1 billion, reflecting the strong revenue and cash generated in a year of delivery for the construction portfolio. Now, the extension of FPSO Mondo and FPSO Saxi in Angola has been incorporated, including the initially approved brownfield scope. However, this was more than offset by the fact that the early purchase of ONE GUYANA means we will not receive the previously assumed remaining charter revenue up to the end of the maximum charter period, which was August 2027. Moving to net debt, as I just mentioned, this was slightly lower at $5.65 billion, with the impact of scheduled repayments partially offset by final drawdowns under the facilities for existing projects. Again, as of today, this is a further $1.7 billion lower following the ONE GUYANA sale.
To revenue, which was close to $5.1 billion, compared with $6.1 billion for 2024. As you recall, the sale of FPSOs Prosperity and Destiny had a very large impact last year, more than $1.7 billion. There was also a material impact from the sale of 13.5% of Sepetiba. If you normalize for this, underlying revenue was higher in 2025. The biggest contributor to revenue was turnkey, nearly $2.8 billion, compared with more than $3.7 billion in 2024. Normalizing for the prior year impact of the FPSO sales, the main driver was a higher full-year contribution from the Jaguar and GranMorgu projects, which were just starting construction in the year ago period.
On the lease and operate side, revenue was around $2.3 billion versus nearly $2.4 billion in the prior year. Here, the contribution from the 3 new vessels, which commenced operations over the year, was almost sufficient to offset the reduced contribution from FPSOs Prosperity and Destiny as these moved to an operations and maintenance-only basis following the sales at the end of last year. Turning to EBITDA, this was over $1.7 billion. That's ahead of guidance, mainly thanks to the sale of the Thunder Hawk platform right at the end of the year. This compares with around $1.9 billion in 2024, whereas per revenue, there was a significant more than $600 million impact from the FPSO sales.
Breaking down the parts, turnkey EBITDA was $561 million, compared with $724 million for the previous year. Similar to revenue on a normalized basis, thanks to the impact of the Sale and Operate model for Jaguar and GranMorgu, turnkey EBITDA was significantly higher. Lease and operate EBITDA was around $1.24 billion, compared with $1.26 billion in the year ago period, the drivers being the same as for revenue. Other EBITDA was -$87 million , an improvement versus -$89 million last year as a result of lower G&A costs.
Moving to cash in the backlog on a net cash basis, this stood at $8.4 billion, with the evolution since the half year reflecting continued strong cash flow generation, with a smaller impact from the difference between the Kazumba Sea extension initial scope and the reduced ONE GUYANA charter. Just to be clear, the dark blue bar on the left includes all the backlog elements, so that's lease and operate and turnkey, including the ONE GUYANA purchase. We played this out over time in dark blue on the right, where you can clearly see the ONE GUYANA impact this year. Having delivered three vessels last year and in the context of a very robust outlook, we have the capacity to take on new projects and grow the order book to maintain a strong level of cash flow going forward.
To give a sense of this near-term potential, in light blue, we've added a model scenario on top of the existing net cash backlog of a range of up to two large FPSO awards per year on a Sale and Operate basis for the next six years, up to 2031. In this, we've incorporated an additional allowance for turnkey overheads up to 2034, which would be the delivery year for awards secured in 2031. For the purposes of this scenario, we've assumed a $3.5 billion value per FPSO, and then we've also played out the O&M phase. This will vary per contract in reality, but we've used a period of 10 years per award, assuming extension options in case of initially shorter term contracts.
It's not a forecast, but it frames the perspective we have on significant near-term Sale and Operate cash potential, underpinned by still very material long-term equity cash flow from our lease portfolio. We picked six years as this aligns with the short-term window we use for giving the outlook for returns, which we're going to look at in a minute. Important to note here that we're not planning on shutting up shop and running down the business in six years, and are confident of more to come thereafter. Looking at the oil and gas demand scenarios you just saw, we expect to see further FPSO awards beyond the end of this decade, plus then additional growth from diversification into other ocean infrastructure solutions, as you heard from Oivind. We've illustrated this with further waves awards to the right of the modeled near-term scenario.
In the chart on the top right, we have the usual EUR per share analysis of the backlog at a range of discount rates, where we've also included the light blue modeled near-term scenario on top. Assuming the majority of new awards follow the Sale and Operate model, our net debt is going to continue to trend downwards beyond the end of the decade. We foresee our leverage ratio being below 3 times going forward, but in the shorter term, we have some near-term Sale and Operate opportunities that may require construction financing. That's driving a bit of conservatism in the leverage ratio forecast. To cover returns.
The strong 2025 performance, headroom in the existing backlog, the acceleration of the sale of ONE GUYANA, and the perspective we have on growth are the key factors in the determination of the cash return to be paid in 2026. Under our shareholder return policy, we aim to pay a stable cash return, which grows over time, linked to growth in the backlog. We have flexibility to pay a portion of our annual cash return as a share repurchase in combination with a dividend, and we maintain the option to apply surplus capital for incremental returns on top of this. In 2026, we intend to pay an aggregate $440 million cash return. That's an increase of 50% compared with 2025. That represents a cash yield of 9%. This corresponds to $2.57 per share and has two components.
Firstly, an aggregate cash return of $340 million, comprising a share buyback of $240 million, plus a dividend of $100 million for 2025 to be paid in May. We're introducing an interim dividend to provide a more regular income to investors. This drives an additional introductory year, 2026 interim dividend of $100 million to be paid after the 2026 half year results. The buyback component comes from a $270 million share buyback program, with the incremental $30 million relating to employee share plan requirements. As normal, shares repurchased as part of the cash return will be canceled.
As we've highlighted before, in order to allow a tax-free buyback, Dutch fiscal rules require an aggregate dividend in any fiscal year equivalent to the average of the last seven years dividends, after excluding the highest and lowest years. That's what's driving the aggregate dividend amount of $200 million to be paid during 2026. $340 million will be the baseline for the cash return in 2027, where the formula will require a minimum dividend, approximately similar to 2026, which we will pay in two installments with a buyback program on top. We're making good on our promise of delivering upside on an already very robust level of returns.
Projecting forward for the next six years to end 2031, the proposed cash return for 2026 would lead to a minimum return of more than $2.1 billion. Here we contextualize this versus the net cash we expect to generate from the backlog during this period, on top of which we show the impact for the six-year period of the modeled scenario range we saw a few slides ago. From this, we have to cover six years of corporate overheads, where, based on the growth we see, we're now guiding at $80 million per annum versus the previous $75 million guidance. This is then around $500 million.
To note, we already covered all of the $300 million net equity investment remaining at the beginning of 2025 during the course of the year, and we don't see the need for any significant net equity investment at this point based on the fact our tendering pipeline contains only Sale and Operate prospects. As you see here, the $3.1 billion we have in the backlog is sufficient to cover the overhead, plus the increased aggregate cash return, leaving an incremental $500 million. Looking back, based on today's cash return increase, we'll similarly return a minimum of almost $2.1 billion for the six years, 2025 - 2030, versus the initial $1.7 billion guidance we gave last year.
That's a payout of 75% of the available free cash capacity, which existed at the start of 2025. Here, based on our confidence in securing new awards, we have increased the payout ratio of currently available free cash for the next six years. As you can see, there is an opportunity to significantly grow this via new awards and in turn, to further increase returns. Finally, to update you on our guidance for 2026. 2026 Directional revenue guidance is a baseline of around $6.5 billion, of which around $2.2 billion is expected from the lease and operate segment, and around $4.3 billion expected from the turnkey segment. 2026 Directional EBITDA guidance is a baseline of around $1.8 billion.
We use the word baseline as we have not included any potential new FPSO awards. We'll update the guidance to the extent these are secured, noting that while new awards would have a material impact on revenue in 2026, there will likely only be a minimal impact on EBITDA, given that we only book margin after the 25% completion stage. That's it for me. Back to Øivind to conclude.
Thank you, Douglas. Very thorough, very clear. In conclusion, we are extremely proud of what our teams have delivered and continue to deliver. This allows us then to successfully advance our core with three major projects brought online in Brazil and in Guyana. To continue to execute and operate with excellence, and through that, drive strong financial performance, which again, allows us to increase our cash returns for 2026 by 57%, and expect to deliver a minimum of $2.1 billion over the next six years. As Douglas has explained, with upside potential from the existing backlog and potential new awards. We are well positioned in a strong deep water market, and with capacity free, we are ready to grow our market share.
Lastly, we are positioning ourselves in the blue economy, pioneering more beyond FPSOs, applying our capabilities and unique offshore experience to diversify and develop innovative ocean infrastructure solutions that address global challenges. I would like to close by thanking our clients and stakeholders for their continued support, and to our teams around the world, these results are yours. Your dedication to our strategy is what enables us to create value together. Thank you all for listening. We're now looking forward to your questions.
Thank you. Ladies and gentlemen, we will start the question-and-answer session now. To be registered for the question-and-answer queue, please press star one. If you have a question, please press star one. Go ahead, please. Our first question today comes from the line of Guilherme Levy from Morgan Stanley. Please go ahead.
Hi, good morning, everyone. Thank you for taking my questions. The first one, if I may, now that you have split your dividend payments in two installments over the year, depending on the outcome of orders in the first half, would you be willing to revise upwards your dividend payment for the second half? Does the guidance from today on dividends is defined and set in stone and any adjustments should only be expected from next year? Secondly, just thinking about your EBITDA guidance for the year, I know that you don't provide a breakdown between turnkey and lease and operate, but I was wondering if you can provide some color, even if just qualitatively on two aspects of the turnkey division.
Firstly, if you can say a few words on contingencies around projects under construction? Then, if you can just help us try to strip out the one-off effect of the ONE GUYANA sale that you are embedding in these numbers? Thank you so much.
All right. I'll, that there's a lot in Douglas's quote there. I'll see. We'll let him go.
Yep. Good morning, Guilherme. Thanks for the questions. Dividends. I think yeah, we're really looking at $200 split in two for this year. That's the base dividend. I don't see the dividend amounts changing this year. I think another comment I would just make overall, you saw from my presentation, there's existing upside in the backlog. There's, you know, more upside from growth in the future. I think, you know, you can see we've done that this year with the sale of ONE GUYANA.
We like to kind of pace the returns with the delivery of the cash. Probably give you a bit of a flavor of where we stand there. Then on the guidance, I think, you know, overall, we're very happy with our guidance. It's an increase on both EBITDA and revenue versus this year. I think it'd actually be a record for revenue. Again, it includes no impact from future awards. At least on the revenue side, there's some upside there. To give a bit of a sense of some of the dynamics that maybe should think about between 2025 and 2026.
Clearly there's a big impact from ONE GUYANA. There we get a big boost on the turnkey side. As we guided when we did the trading update in November, it also means that, you know, we sold the asset, it's now on an O & M-only basis, so we lose quite a large element of charter. To give you a sense, right, roughly net of everything, that's a $200 million EBITDA impact. Positive, just to be clear. On the turnkey side, things to think about this year, 2026 versus last year, 2025. We had the finalization of Almirante Tamandaré and ADG.
They had a bit of impact on the turnkey EBITDA, which obviously we won't see this year. I think, you know, you could say, Jaguar and GranMorgu, 2025 is kind of peak time. You know, we'll, we'll get a good contribution from them next year, likely a bit lower. Obviously, you know, there were no big awards, you know, of the kind that we go after in the market last year. You know, we we're, we've only really got revenue upside, which we haven't accounted for in our, in our guidance. If we win awards this year, we should see some benefits on the EBITDA side from 2027 onwards. I hope that helps.
Thank you. Our next question comes from the line of Thijs Berkelder from ABN AMRO-ODDO BHF. Please go ahead.
Good morning, gentlemen. Compliments with the strong performance. Three questions. Can you give us an update on timing and talks progressing on the Sépia-2 and Atapu-2 FPSO bidding/contracts? If I look at your slide 31, you seem to clearly hint for margins in turnkey going up in the coming years. Can you explain in the bars what levels we are talking about? A smaller one, N'Goma FPSO extension option, Eni last week, now it's new flow coming to the N'Goma FPSO. Does that mean that the extension option probably will be used?
All right, Thijs, good morning. Thank you for your compliments. We'll relay them to our teams that are listening, maybe. Question 1 and 3, I will deal with. Timing on Sépia-2 and Atapu-2 , as you saw Q4 last year, we were the lowest bidder on these two prospects, and the dialogue is ongoing on those. I think it would be everyone is interested in those, you know, that dialogue coming to its conclusion in the near term, but these are significant contracts. We're working through that step by step, hopefully, to a positive outcome in the not-too-distant future. I don't have more. The timing is entirely on our client side. Regarding N'Goma's charter comes to an end at the back end of this year.
It has extension opportunities fixed in the contracts. As soon as our client, Azule, may activate those, we will update the market accordingly. We like to think that Block 15/06 has a lot of good potential in it. On gross margins.
Yeah.
Slide 31, Douglas?
Yeah. That's not a sort of subtle hint for the future in terms of kind of the, you know, long-term, locked-in margin. Of course, it reflects the reality of this year. Yeah, I think one of the things we've been talking about since the emergence of the Sale and Operate model is that, you know, we expect to see a bit of volatility depending on, you know, the phasing of different projects in the mix. Yeah, we had first saw quite a steep level of progress on the two major projects that we have in the construction or FPSO projects we have in the construction portfolio at the moment.
We also benefited as well from strong project finalization in 2025. By that, I mean, we didn't use all the contingency in all the projects, so that provided a bit of a boost. I think, you know, if you want to think about margins, it's better to sort of think about the historical numbers. We're not just for the record guiding on the 25%. That's not what we unfortunately expect to consistently do in the future.
Okay, thanks. Thank you. Our next question comes from the line of Jeremy Kincaid from Van Lanschot Kempen. Please go ahead.
Good morning, gentlemen. Two questions from me, please. The first is just on your cash flow and cash position. On slide 16, you have the helpful chart which shows you're expecting $3.1 billion of net cash to come in. Is that on top of the $700 million of cash you have at the corporate level, which would then suggest you have the $0.5 billion + $0.7 billion of cash, which is effectively unallocated?
Okay, I can take that one.
Yeah, please.
straight away. Hi, Jeremy. Yeah, it doesn't consider the cash we have on the balance sheet. That's a potential, you know, upside in the future. What you need to remember, and we do think about this very carefully when we do our forecast, some of that cash is, if you like, spoken for. We'll have some working capital to pay off, etc. We have some milestone payments, so you need to think about that as well.
How much do you think that should be?
We're not gonna give a guidance on the, on that, I'm afraid. What we can say is, while we're very clear that the forecast we're looking at on this page, it doesn't include working capital movements. Of course, we do think about future working capital movements to make sure that we're not kind of misrepresenting the reality in the future.
Yeah. Then my second question is just on your ability to scale and grow. You obviously said that you have slot options available with your partnership yards. How many slots are available? Also, you said that you have in-house capacity for six projects, I believe, but there was also the comment around additional execution models available. Could you give us an idea of what other execution models could look like?
Yeah. No, that's good. On the yard front, you know, we've been working consistently with SWS and CMHI in China over the last decade on the MPFs, 10 in numbers so far. As we you know, we plan for capacity in accordance with how we see the market evolve. Going to a third yard, COSCO, is then a strategic choice to sort of broaden the capacity path in what we see as a very strong market. It's a very well-known yard to us. It did the major works on the ADG project, that is positioning.
The number of slots is something we have, we are in continuous dialogue with these yards to give the best line of sight, and we sort of calibrate that in an ongoing conversation. That is a varying numbers, but needless to say, we project a couple of years ahead to help the yards also plan their capacity, and then we update continuously. I'd say from a yard capacity, hull capacity, we are comfortable to be able to execute any of the prospects that we are pursuing. When it comes to our in-house capacity, that is about managing the fixed cost of our organization. Another advantage of owning your own standards, standardization, and having a very well-established and mature execution model, is that you can bring scope outside of the organization in a very controlled way.
You could do that either by subcontracting engineering hours of a more transactional nature to then partnership engineering houses, or you can do another model, more of a partnering in terms of carving out scope, like we've done on ONE GUYANA with McDermott, or we've done on Block 58 with Technip Energies. These are proven models, proven partnerships, that we can deploy if we see that there is an opportunity we would like to pursue, it fits our sweet spot, and that we, in a controlled way, can then allocate scope outside of the SBM fixed capacity. Those are secondary and tertiary operating models that we can deploy without introducing any kind of significant risk to the return levels of our delivery.
Okay, clear. Thank you very much.
Thank you. Ladies and gentlemen, if there are any additional questions or remarks, please press star one one. Our next question comes from the line of Dirk Verbiesen from ING Equity Research. Please go ahead.
Yes, good morning, gentlemen. Some questions still on the hulls. You have 2 hulls on the construction. Let's say the overall comments on prospects are becoming and yeah, remaining quite positive. If I understand it correctly, there is enough room to maneuver in the short term as well, once the Sépia-2 and Atapu- 2 land, potentially, in the, in the, let's say, in the not too long period, and then the other prospects as such. Is the 16 you mentioned, just for understanding correctly, is that including the two from Brazil? That's my first question. The other question I have is on your new solutions on slide 10.
Let's say in time to market, what is the, what is the most promising out of those four? Also in terms of addressable market. Thanks.
All right, so health. We have two that we're building in anticipation that are well advanced. As it stands today, the one is no longer available in the prospect pipeline, and then we have holes that we can activate very fast on as a function of the timing of potential awards under negotiation. We have slots ready for activation that matches the timelines to de-risk the project schedule of prospects currently under negotiation. Whether it's two, three, or four, that we can apply to all of those scenarios over the coming year or two. Then on new solutions. These are examples of derivative products of the inherent capabilities in an FPSO design today.
Whether it's desalination, whether it is, power barges, etc, these are products that we feel without introducing any kind of risk and leveraging our standardization and sort of build to scale ocean infrastructure products. These are our products that we could bring to market as the market evolves. Today, and let's be clear, there is no near term market, significant market opportunity, that we consider to be material in comparative, comparison with the FPSO play. Up to the end of this decade, SBM will be a very sort of FPSO focused, FPSO revenue driven, company. What we are doing, and keep in mind, we are partners and as main subcontractors to many of the players that will be in the energy and ocean infrastructure plays, blue economy of tomorrow.
We are promoting these products and potential products as a strategic thinking in those, in the dialogue with these companies. Also to keep their mind on SBM as these markets develop, assuming that the IOCs will be also key players in that blue economy. it's more a positioning today, it's more showcasing the inherent capabilities that integrates into an FPSO capability context. We'll keep you informed as these markets evolve and as one of them might, may crystallize ahead of the others, but we like to think they could all have a realistic chance of becoming successful products in tomorrow's economy.
Okay, thanks for that. As a follow-up, on your pipeline and the, let's say, the future prospects on slide 13, the... I think Douglas mentioned $3.5 billion as assumption for those FPSOs in turnkey value. We should assume EUR 3.5 NPV per share is also the way going forward?
Yeah. Hey, Dirk. The EUR per share guidance, it was EUR 2.5 per share-EUR 3.5 per share. I think now you should think about that in terms of the value per share, more EUR 2.5 per share-EUR 3 per share. The reason being driven by the dollar depreciation, that has a bit of an impact. It's better to think about somewhere in the range of EUR 2.5 per share-EUR 3 per share.
Yeah.
That's what we consider, by the way, in the modeling.
Yeah. Good to know. Thanks. Thanks for that.
Thank you. There are no further questions, Mr. Tangen. I will hand the call back over to you.
All right. On that note, thank you all for listening in and for your interest in SBM, and we will be available for further questions at any given time, obviously. With that, I'll hand the word over to the operator, and have a nice day.
Thank you. Ladies and gentlemen, thank you for attending. This concludes the SBM Offshore event call. You may now disconnect your line. Have a nice day.