Single Buoy Moorings (SBM) Offshore is strategically positioning itself for potential deepwater projects in Namibia, expected to take shape over the next three years, as outlined in its 2025 and long-term outlook.
SBM Chief Executive Oivind Tangen disclosed this in a report by Mining and Energy Africa on Sunday, highlighting the company’s strong project visibility in the offshore sector, driven by exploration activities in key markets such as Brazil, Guyana, Suriname, and Namibia.
Tangen stated that the outlook for deepwater projects remains positive due to their low break-even prices and emission intensity.
SBM Offshore anticipates 16 major Floating Production Storage and Offloading (FPSO) projects within its core market in the next three years, with significant opportunities in Namibia.
Tangen stated that:
“As you know, deepwater developments come to market following years of significant exploration work. We already have good visibility on projects expected in 2025 and 2026.
“For instance, Petrobras has key developments in Brazil, Total is advancing projects in Namibia, and Exxon and its partners are outlining their plans in Guyana.”
The plan of SBM follows Custos Energy oil, Rhino oil , Total energies and other IOCs discovery in February 2025 off the coast of Namibia.
Tangen also mentioned that the company has ordered its 10th MPF hull, providing two hulls to support tendering activities.
He emphasized that the company remains disciplined in selecting the highest quality projects and has expanded its infrastructure to meet market demand.
However, SBM is actively enhancing its offshore solutions through diversification and decarbonization.
In 2024, Technip Energies and SBM Offshore established a joint venture, Ekwil, to strengthen SBM Offshore’s floating offshore wind capabilities.
The company also completed a minority ownership investment in Ocean Power in early 2025 to provide lower-emission power options.
He further commented on the company’s technological advancements in the FPSO sector, saying:
“We are now able to offer a market-ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs,” he said.
Tangen explained SBM Offshore’s strategic orientation in light of future expansion.
He added that the company has unique opportunities in these three key areas, where SBM plays a strategic role, when considering opportunities in the 2025–2026 timeframe.
The company will continue to explore new opportunities and maintain regular communication with global oil firms beyond 2027.
The organization aims to sustain industry momentum by fostering strong partnerships and aligning with key market commitments while staying attuned to the evolving offshore landscape.
“For future FPSO projects, maintaining strong partnerships and keeping pace with industry commitments will be crucial.
“There is a strong alignment between the projects already committed to and the specific opportunities we see in 2025 and 2026,” he addded.
