Category: 3. Business

  • ING backs new defence bank for Europe

    ING backs new defence bank for Europe

    07 August 2025
    … min read

    ING is one of five international banks backing a new defence bank that’s being set up to help NATO countries and their allies to finance their defence needs.

    ING will provide both financial and technical support to the Defence, Security and Resilience Bank (DSRB). The other financial institutions involved are Commerzbank, JP Morgan, LBBW and RBC Capital Markets.

    The creation of the not-for-profit defence bank follows the recent commitment by NATO countries to invest 5% of their GDP in defence. Building on the capital markets expertise of the participating banks, the DSRB will issue AAA-rated bonds for countries to fund their defence production and procurement. It will also support defence modernisation and supply chain resilience across Europe and the Indo-Pacific region.

    Defence financing
    ”We cannot meet today’s security challenges with yesterday’s financial tools,” said Mark Pieter de Boer, ING’s chief commercial officer. “As a big European bank, we support the societies we operate in. Clearly there now is a bigger need for financing of defence activities focused on protecting Europe. The Defence, Security and Resilience Bank is the kind of bold, coordinated initiative we believe Europe and its allies urgently need. ING is proud to support it.”

    The initiative is in line with ING’s renewed defence policy to support clients with defence-related transactions that fall within the bank’s environmental and social risk framework.

    Financial and technical expertise
    The participating banks will help countries to access bond markets and engage investors for their defence needs, as well as provide technical expertise on sovereign lending instruments, capital structuring, risk and liability management and ratings advice.

    A detailed plan and draft charter for the new defence bank are being drawn up by the DSRB Development Group, an international team of bankers, lawyers, defence investment specialists and senior defence policy leaders. The initiative is endorsed by the European Parliament and a UK government-led task force. Other banks are expected to join in later phases.

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  • Sony raises its profit forecast after saying it expects less damage from tariffs

    Sony raises its profit forecast after saying it expects less damage from tariffs

    Japanese entertainment and electronics company Sony says its profit surged 23% in the last quarter from the year before, as damage from U.S. President Donald Trump’s tariffs was less than it had expected

    TOKYO — Japanese entertainment and electronics company Sony said Thursday that its profit surged 23% in the last quarter from the year before, as damage from U.S. President Donald Trump’s tariffs was less than it had expected.

    The Tokyo-based manufacturer reported its April-June profit totaled 259 billion yen, or $1.8 billion, up from 210 billion yen. Quarterly sales edged up 2% to 2.6 trillion yen ($17.7 billion) as demand grew for games and network services, imaging solutions and sensors.

    The maker of PlayStation game machines, digital cameras, Walkman audio players and Spider-Man movies said those positive factors offset the negative impact from unfavorable exchanges rates. Sony said its network business also was drawing more subscribers to its online services.

    Sony raised its forecast for its profit in the full fiscal year until March 2026 to 970 billion yen ($6.6 billion), from an earlier forecast of 930 billion yen ($6.3 billion). The revised projection is still lower than what it earned in the previous fiscal year at 1 trillion yen.

    Sony now estimates the impact of the additional U.S. tariffs on its operating income at 70 billion yen ($476 million), much better than the initial estimate of 100 billion yen ($680 million).

    One of the successes among Sony’s entertainment franchises was the latest “Demon Slayer” animation movie, which is part of a hit series and is doing well at the box office.

    ___

    Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

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  • How drone technology is taking off in agriculture

    How drone technology is taking off in agriculture

    BBC A man wearing a yellow fluorescent safety jacket leans over a large drone to fold out a rotor armBBC

    Agri-drones are capable of lifting a payload of up to 50kg of liquid for spraying or seeds

    A company that provides drone services to farmers said it has seen a big increase in interest within the sector.

    The unmanned aircraft can currently be used to spray fertiliser or sow seed in fields.

    The emerging technology avoids the need to put heavy machinery onto the ground, which can lead to problems such as soil compaction.

    Restrictions currently in place prohibit the use of pesticides, although operators hope airborne chemical treatments may be approved in the future.

    According to Steve Frost, director of Berkshire-based SAS Land Services, the ability to farm from the air gives a seasonal advantage.

    “We can get out there earlier in the season when the crops actually need fertiliser,” he said.

    “If it is too wet to put a tractor out there, or a tractor would be too heavy and cause too much damage.”

    A man wearing a yellow safety tabard stands next to a large farming drone ready to take off from a a field

    Director of SAS Land Services Steve Frost said it had taken nine months to get approval to fly the giant agri-drone

    The drone has an interchangeable payload and, as well as liquid fertilisers, can also be used to sow seed onto a field.

    Mr Frost said: “We can put seeds down once the main crop has been drilled – we can under sow that with a companion crop with out causing any damage to the growing crop.”

    In its first year in 2024 the company provided drone services for about 800 acres of farmland, with that rising to 3,500 acres so far this year.

    “I think there’s quite a lot in terms of reducing environmental impact,” Mr Frost said.

    “We’re running off electric batteries. Currently we have to charge using petrol generators, but we’re using a lot less fuel per day compared to a tractor out there doing the same thing.

    “If they were drilling with a tractor they would take a lot longer so you’ve got more emissions coming off that tractor with more and more soil disturbance to do that operation.”

    A farming drone flies over a field spraying liquid from four nozzels as it follows a planned route

    With a full cargo the drone will follow a predetermined route for about five minutes, before returning automatically for a battery change

    The drone is capable of lifting a 50kg payload and can either be flown manually or follow a predetermined route.

    Mapping data that includes boundary points and obstacles can be uploaded, but onboard radar and cameras constantly scan the aircraft’s surroundings.

    Artificial intelligence works out the most efficient way to cover the field while returning back to the take off point to have batteries changed.

    With a full cargo flight time is about five minutes, but it can be extended as the drone is usually flown with only enough product for the assigned task.

    A field mapped by a drone shows the crops as different colours depending on the health of the plants

    Some drones use multispectral cameras to allow farmers to map the health of crops in a field below

    If approval is given for the use of chemicals, Mr Frost said the technology would show its full potential.

    Spraying drones can also target specific parts of a crop that need attention, having been picked up by smaller mapping drones with multispectral lenses.

    “We can detect plant health using these cameras, things that you might not see through the naked eye,” Mr Frost said.

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  • Samsung to produce image sensors for Apple’s iPhone in Texas

    Samsung to produce image sensors for Apple’s iPhone in Texas

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    Samsung Electronics will produce digital image sensors for Apple in the latest sign that South Korean technology companies are starting to reap the benefits of a series of US investments and President Donald Trump’s aggressive tariff policies.

    The iPhone maker on Wednesday said it would work with Samsung’s semiconductor facility in Austin, Texas, “to launch an innovative new technology for making chips, which has never been used before anywhere in the world”.

    Although the companies did not specify the technology to be deployed, people familiar with the deal said the South Korean chipmaker would make a three-layer stacked image sensor — used in smartphone cameras to capture images — for Apple’s iPhone 18, expected to be released next year.

    “By bringing this technology to the US first, this facility will supply chips that optimize power and performance of Apple products, including iPhone devices shipped all over the world,” Apple said in a statement.

    The deal is part of a plan announced at the White House by chief executive Tim Cook to raise Apple’s US investments by $100bn. It was revealed on the same day Trump vowed to impose a 100 per cent tariff on chips to the US. However, he added that companies such as Apple that invested in the US could avoid the new levies.

    Samsung and South Korean rival SK Hynix are investing billions of dollars in advanced manufacturing facilities in the US. South Korea’s trade minister Yeo Han-koo on Thursday said the two memory-chip makers would not be subject to tariffs of 100 per cent, and that South Korean chips “would not get unfair treatment relative to other countries” as a part of a trade deal agreed between Seoul and Washington last week.

    Lee Jong-hwan, a professor of semiconductor engineering at Sangmyung University in Seoul, said: “Samsung seems to have won this deal from Apple because of the imminent tariffs on foreign chips.”

    He noted the deal meant Sony, whose image sensors are produced under contract by Taiwan Semiconductor Manufacturing Company in Kumamoto, Japan, would no longer be Apple’s sole supplier of the technology.

    “Apple will have preferred Samsung over Sony because Sony doesn’t have US plants,” said Lee. “Sony and other Japanese chipmakers will begin to suffer a setback once tariffs are imposed. Samsung’s strategy to expand US capacity is paying off.”

    Sony said in a statement: “We remain confident that we are advanced in providing sensor technology to our customers, and we will focus on continuing further technological advancement through larger sensor size and density.”

    The Japanese group on Thursday reduced the estimated impact of tariffs this fiscal year from ¥100bn ($680mn) to ¥70bn.

    Samsung’s deal with Apple also marks a reconciliation between the two tech groups following an acrimonious split in the 2010s over patent disputes.

    Apple dropped Samsung as its main contract chipmaking partner in favour of TSMC, a decision widely regarded as a catalyst for Samsung’s declining chip fortunes over the past decade.

    But analysts said the image sensor deal represented the latest sign of a comeback, following a $16.5bn deal announced last week for Samsung to produce artificial intelligence chips for Tesla at its fabrication plant in Taylor City, Texas.

    “It is not a big-size deal, but it is still meaningful that Samsung became another supplier for Apple in addition to Sony, which was a sole supplier for Apple’s image sensors,” said Pak Yuak, an analyst at Kiwoom Securities. “This deal will boost Samsung’s US plant operating ratio and help reduce its foundry losses.”

    Additional reporting by David Keohane in Tokyo

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  • Valneva Announces Removal of FDA-Recommended Pause on Use of Chikungunya Vaccine IXCHIQ® in Elderly and Updates to the Prescribing Information

    Saint Herblain (France), August, 7 2025 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced that the FDA has removed its recommended pause in the use of IXCHIQ® in individuals 60 years of age and older and has approved updates to the Prescribing Information (PI) for IXCHIQ®. IXCHIQ® remains indicated in the United States for the prevention of disease caused by the Chikungunya Virus (CHIKV) in individuals 18 years of age and older who are at high risk of exposure to CHIKV.

    To access the full release, please click on the PDF below.

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  • Toyota Motor cuts annual profit forecast as U.S. tariffs bite

    Toyota Motor cuts annual profit forecast as U.S. tariffs bite

    A sign with the Toyota logo in Surrey, England on August, 2023

    Peter Dazeley | Getty Images News | Getty Images

    Toyota Motor on Thursday cut its annual operating profit forecast as the world’s largest auto company by sales volumes grapples with U.S. auto tariffs. 

    Here are Toyota’s results compared with the mean estimates from LSEG:

    • Revenue: 12.25 trillion Japanese yen ($83.4 billion) vs. 12.19 trillion yen
    • Operating profit: 1.17 trillion yen vs. 881.41 billion yen

    While its June-quarter results topped estimates, operating profit dropped 11% year on year, with the company ascribing 450 billion yen in losses to U.S. tariffs. Net income attributable to the company fell 37% to 841.3 billion yen.

    Toyota revised down its full-year operating income forecast by 600 billion yen to 3.2 trillion yen for its financial year ending in March 2026.

    “Due to the impact of U.S. tariffs and other factors, actual results showed decreased operating income, and the forecast has been revised downward,” the company said in an earnings release.

    In its home country of Japan, the company said that operating income was weighed down by the impact of exchange rate fluctuations and increased expenses.

    While profit fell, Toyota has seen strong global demand and the automaker last week reported record worldwide sales in the first half of the year.

    “Despite a challenging external environment, we have continued to make comprehensive investments and as well as improvements such as increased unit sales, cost reductions, and expanded value chain profits, thereby minimizing negative impacts,” the company said.

    Japanese carmakers have been hit by U.S. President Donald Trump’s 25% tariffs on imported vehicles, which came into effect in April. Peers such as Honda have also reported a drop in profit, as they cut prices in order to maintain market share in the U.S.

    “Japanese automakers faced significant profit pressure earlier this year due to elevated U.S. import tariffs and a stronger yen,” automotive analyst at Counterpoint Research Abhik Mukherjee, told CNBC.

    “Although vehicle export volumes to the U.S. held up, the higher costs from tariffs had to be partially absorbed, squeezing margins,” he added.

    In June, the value of Japan car exports to the U.S. fell 25.3% year over year, even though car export volumes to the U.S. rose by 4.6% in the same period, according to data from Japan’s trade ministry.

    Trump, however, announced a new trade deal with Tokyo last month with tariffs expected to fall to 15%, though the timeframe for the change remains unclear.

    In light of the Japan-U.S. agreement, Toyota said it was expecting a full financial year impact of 1.4 trillion yen on profits.

    “Automakers still face margin compression from the strong yen and lingering cost burdens from earlier tariffs. However, the 15% rate, combined with localization and pricing adjustments, should gradually stabilize earnings,” Mukherjee said.

    “Longer-term, Japanese brands may gain an edge over NAFTA-region competitors that still face higher tariffs, supporting a slow but steady recovery,” he added. The NAFTA or North American Free Trade Agreement includes Canada, Mexico, and the U.S.

    Auto exports to the U.S. are a cornerstone of Japan’s economy, making up about 24% of its global auto shipments in 2024, according to Japan’s customs data. 

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  • SBM Offshore Half Year 2025 Earnings

    Highlights

    • Increase in full year 2025 Directional[1] revenue guidance from above US$4.9 billion to above US$5.0 billion
    • Increase in full year 2025 Directional EBITDA guidance from around US$1.55 billion to above US$1.6 billion
    • 26% increase in year-to-date Directional revenue of US$2.3 billion; 10% increase in Directional EBITDA of US$682 million
    • First oil for FPSOs Almirante Tamandaré and Alexandre de Gusmão
    • FPSO ONE GUYANA on charter, preparing for first oil
    • FPSO GranMorgu operations and maintenance contract signed with TotalEnergies
    • Further portfolio rationalization through sale of FPSO Aseng[2]
    • EUR150 million dividend paid; EUR141 million share repurchase program on track, c. 34% completed[3]

    SBM Offshore’s Half Year 2025 Earnings and Interim Financial Statements can be found on its website here: HY25 Earnings.

    Øivind Tangen, CEO of SBM Offshore, commented:

    “Thanks to solid project execution performance and the start-up of two major FPSOs, we delivered strong financial results for the first half of 2025. As a result, we are increasing both our Directional revenue and EBITDA guidance for 2025. This success underscores our teams’ ability and discipline in executing our lifecycle model. It is also a clear demonstration of a resilient business model, consistently proving its quality and agility regardless of macro-economic uncertainties and geopolitical challenges.

    During the first half of the year, we brought online two large FPSOs in Brazil with a combined capacity of 405,000 bbls/day. Additionally, FPSO ONE GUYANA, which will be the largest producing unit in Guyana with a nameplate capacity of 250,000 bbls/day, is on charter as of August 4 and preparing for first oil. Delivery of these three assets brings the size of our fleet to 17 FPSOs with a production capacity of 2.7 million bbls/day.

    This scale brings experience, learnings and data which allow us to continuously refine our lifecycle value proposition and deliver enhanced value to our clients by derisking project execution, accelerating time to reach full operational capacity and improving uptime. Construction is on track for FPSOs Jaguar, GranMorgu and FSO Trion.

    The last two FPSOs that started production in Brazil achieved flare out in an industry-leading average below 45 days, and we achieved an uptime average of 99.4% for the first six months across the fleet. In Guyana, debottlenecking of processing facilities on our initial three FPSOs increased production capacity by 125,000 bbls/day. In June, we signed an agreement with TotalEnergies to provide the operations and maintenance service for at least two years of FPSO GranMorgu. This contract will make SBM Offshore the first FPSO operator in Suriname.

    The deepwater market outlook remains robust, driven by the demand for cost-efficient and low-emission oil production. We are progressing construction of two new hulls to actively support tendering activities and remain disciplined in selecting prospects where we can generate most value to enhance our portfolio.

    The strong fundamentals of the deepwater market, coupled with our backlog’s resilience to inflationary pressures, underpins our ability to provide stable and growing returns to shareholders. We are on track to return a minimum of US$1.7 billion to shareholders over the six years from 2025 to 2030, with upside potential from the existing backlog and prospective new awards.

    Using our ocean infrastructure expertise, we are innovating for the long term with purpose. In April 2025, we secured the American Bureau of Shipping’s approval in principle for our near zero emission FPSO, and our collaboration with Microsoft to develop standardized floating power solutions with integrated carbon capture technology is progressing.

    We are delivering on our promise to provide reliable, affordable, and sustainable energy for the long-term through a strategy that pays.”

    Financial Overview[4]

    Directional IFRS
    in US$ million 1H 2025 1H 2024 % Change 1H 2025 1H 2024 % Change
    Revenue 2,311 1,840 26% 2,840 2,220 28%
    Lease and Operate 988 1,178 -16% 1,063 971 10%
    Turnkey 1,322 662 100% 1,777 1,249 42%
    EBITDA 682 620 10% 756 533 42%
    Lease and Operate 497 679 -27% 397 454 -13%
    Turnkey 225 (12) >1,000% 400 127 216%
    Other (41) (47) 14% (41) (47) 13%
    Profit attributable to Shareholders 274 128 114% 322 116 178%
    Earnings per share (US$ per share) 1.57 0.71 121% 1.85 0.64 187%
    in US$ billion 1H 2025 FY 2024 % Change 1H 2025 FY 2024 % Change
    Pro-forma Backlog  33.2 35.1 -5% – – –
    Net Debt  5.6 5.7 -2%  8.1 8.1 0%

    Directional revenue stood at US$2,311 million in the first half of 2025, a 26% increase compared with the same period in 2024. The increase is mainly driven by Directional Turnkey revenue, which rose to US$1,322 million in the first half, a 100% increase compared with US$662 million in the same period last year. This improved contribution mainly reflects the progress on the construction projects of FPSOs Jaguar and GranMorgu under the Sale and Operate model. This was partially offset by the completion of FPSO Sepetiba in January 2024, and the overall comparatively lower level of construction activity during the first half of 2025 on FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA as these projects reached or neared completion.

    Directional Lease and Operate revenue came in at US$988 million, a 16% decrease compared with US$1,178 million in the same period last year. This variance is mainly driven by FPSOs Liza Destiny and Prosperity only contributing as operating contracts in 2025 following the purchase of the units by the client in 4Q 2024 and a decrease in reimbursable scope on the fleet, partially offset by FPSOs Almirante Tamandaré and Alexandre de Gusmão joining the fleet upon successful delivery in the first half year of 2025 and the contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the increase in ownership in June 2024.

    Directional EBITDA amounted to US$682 million in the first half of 2025, a US$62 million or 10% improvement compared with the same period last year. This was mainly attributable to the higher contribution of Directional Turnkey EBITDA, which increased from US$(12) million in the year-ago period to US$225 million in the first half of 2025 due to (i) full margin contribution of FPSO Jaguar after reaching the 25% stage of completion gate in 4Q 2024, (ii) limited but positive contribution of FPSO GranMorgu as the project reached the requisite stage of completion in 2Q 2025, (iii) successful completion of FPSOs Almirante Tamandaré and Alexandre de Gusmão, and (iv) offset by a lower level of activity on other product and services projects.

    Directional Lease and Operate EBITDA stood at US$497 million in the first half of the year compared with US$679 million in the same period last year. This lower contribution reflects (i) the same drivers as Directional Lease and Operate revenue, and (ii) a net positive impact from the completion of the transactions with MISC in the first half of 2025 (acquisition of interests in FPSO Espirito Santo and the full divestment in FPSO Kikeh), partially offset by an aggregate gain in the prior period from the transactions with Sonangol (acquisition of interests held in FPSOs N’Goma, Saxi Batuque and Mondo, divestment of the Paenal shipyard).

    The other non-allocated costs charged to Directional EBITDA amounted to US$(41) million in the first half of 2025, a 14% improvement compared with the previous year as a result of lower general and administrative costs.

    The Company recorded a Directional net profit of US$274 million, or US$1.57 per share, for the first half of 2025 up from US$128 million, or US$0.71 per share, in the year-ago period.

     

    Funding and Directional Net Debt

    Directional net debt stood at US$5.6 billion as of June 30, 2025 versus US$5.7 billion as of December 31, 2024. While the Turnkey (with Sale and Operate model) and the Lease and Operate segments continue to generate strong operating cash flow, the Company implemented a new financing tool with the sale and leaseback financing agreement for FPSO Cidade de Paraty, fully drawn in the first half year of 2025. The Company also continued to draw on the project finance facilities for FPSOs Alexandre de Gusmão and ONE GUYANA, on the construction financing for FPSO Jaguar and on the new RCF agreement. This was partially offset by scheduled repayments on the non-recourse debt, the full repayment of the MPF facility, the full repayment of the previous RCF agreement and the full repayment of the US private placement notes in relation to FPSO Cidade de Anchieta.

    Almost half of the Company’s Directional debt as of June 30, 2025 consisted of non-recourse project financing (US$3.0 billion). The remainder (US$3.3 billion) comprised (i) borrowings supporting the construction of FPSOs ONE GUYANA and Alexandre de Gusmão, which will become non-recourse following project execution finalization and release of the related parent company guarantees, (ii) the construction financing for FPSO Jaguar which will be repaid following completion of construction, and (iii) the new Company’s RCF, which was drawn for US$100 million as at June 30, 2025.

    The Directional net cash balance stood at US$794 million as of June 30, 2025.

     

    Pro-Forma Directional Backlog

    Changes in ownership scenarios and lease contract durations have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract durations for the various projects.

    The pro-forma Directional backlog decreased by US$1.9 billion compared with the position at December 31, 2024 to a total of US$33.2 billion reflecting the turnover for the period. The Company’s backlog provides cash flow visibility up to 2050.

    in US$ billion   Turnkey Lease & Operate Total
    2H 2025 1.4 1.3 2.7
    2026 1.6 2.6 4.2
    2027 3.4 2.0 5.4
    Beyond 2027 0.4 20.5 20.9
    Total pro-forma Directional backlog 6.8 26.4 33.2

    The pro-forma Directional backlog at June 30, 2025 reflects the following key assumptions:

    • The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
    • The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the ownership of the FPSO will transfer to the client and is reported in the Turnkey backlog.
    • 10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
    • The FPSO GranMorgu contract awarded in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog. The operations and maintenance contract signed in June 2025 covers a minimal period of two years after first oil.
    • The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at June 30, 2025 (100%).
    • The full divestment of FPSO Aseng has been reflected in the pro-forma backlog. The completion of the transaction remains subject to several conditions precedent and approvals.
    • Leases, operations and maintenance contract extension options are considered when secured.

    It should be noted that the sale and leaseback financing agreement for FPSO Cidade de Paraty signed in April 2025 did not impact the pro-forma Directional backlog. Under Directional reporting, the transaction is not treated as a sale of the unit according to IFRS 16.

     

    Project Review and Fleet Operational Update

    Project deliveries

    The Company is on track to bring three major FPSOs into operation in 2025:

    FPSO Almirante Tamandaré – First oil was achieved in February and gas flare out in 49 days, as planned.

    FPSO Alexandre de Gusmão – First oil was achieved in May and gas flare out in 36 days, ahead of plan.

    FPSO ONE GUYANA – The FPSO was delivered on time. The Production Readiness Notice was issued on August 4, and the unit is preparing for first oil.

    These three units have a combined production capacity of 655,000 bbls/day, bringing the size of the SBM fleet to 17 FPSOs with a production capacity of 2.7 million bbls/day.

     

    Projects under construction

    Project Client Contract SBM Share Capacity Percentage of Completion Project delivery
    FPSO Jaguar ExxonMobil
    Guyana    		 Sale & Operate 100% 250,000 bpd >25% <50% 2027
    FSO Trion Woodside 20-year Lease & Operate 100% n/a <25% n/a[5]
    FPSO GranMorgu TotalEnergies Sale & Operate 52% 220,000 bpd >25% <50% 2028

    The construction portfolio is progressing well and all projects remain on track. An update on the individual ongoing projects is provided below considering the latest known circumstances.

    FPSO Jaguar – The project continues to perform as per plan. The unit entered dry dock on July 1, and the topsides fabrication is on track. First oil is expected in 2027.

    FSO Trion – The fabrication of the disconnectable turret mooring system is progressing as per plan. The engineering and procurement activities for the hull are well under way with construction planned to start in the second part of the year.

    FPSO GranMorgu – Engineering and procurement continue to progress well and topside modules fabrication has started as per plan.

    Strategic positioning for new prospects

    The strategic positioning of SBM Offshore in the market is supported by investments in anticipation of new projects through the Company’s Fast4Ward® MPF hull program.

    Ten MPF hulls have been ordered to date:

    • Six Fast4Ward® MPF hulls are in operation.
    • Two Fast4Ward® MPF hulls are delivered and allocated to ongoing projects under construction.
    • Two Fast4Ward® MPF hulls are under construction, supporting active discussions with clients driven by the strong FPSO market outlook.

    Fleet update

    Contract extension – The Company has agreed the contract extension related to the lease and operations of FPSO Saxi until June 2026.

    Fleet Uptime – Year-to-date, the fleet uptime was 99.4%.

    Safety and Sustainability

    Safety – There were zero Fatalities or Permanent Impairment Injuries in the first half of 2025, within the full year target of zero.

    Sustainable recycling – SBM Offshore is recycling FPSO Capixaba at Denmark’s M.A.R.S. Facility, in line with its Responsible Recycling Policy aligned with the Hong Kong Convention and EU regulations. The unit is expected to move to final stage of cleaning and dismantling towards end of 2025. SBM remains committed to safe, compliant, and environmentally responsible recycling.

    Near zero emission FPSO – The Company has achieved its target to propose a near zero emission FPSO in 2025 as it has secured the American Bureau of Shipping’s “Approval in Principle” for its design.

     

    Shareholder Returns

    The EUR150 million dividend (c. US$155 million equivalent6) was paid in May. The EUR141 million (c. US$150 million equivalent[6]) share repurchase program effective from April 24, 2025 is progressing and was c. 34% complete on August 6, 2025 after market close. The objective of the share buyback program is to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

     

    Guidance

    The Company’s 2025 Directional revenue guidance is increased to above US$5.0 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.8 billion from the Turnkey segment.

    2025 Directional EBITDA guidance is increased to above US$1.6 billion for the Company.

     

    Conference Call

    SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Half Year 2025 Earnings release.

    The event is scheduled for Thursday August 7, 2025, at 10.00 AM (CEST) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

    Interested parties are invited to register prior the call using the link: Half Year 2025 Earnings Conference Call

    Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

    The live webcast will be available at: Half Year 2025 Earnings Webcast

    A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

     

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Third Quarter 2025 Trading Update November 13 2025
    Full Year 2025 Earnings February 26 2026
    Annual General Meeting April 15 2026
    First Quarter 2026 Trading Update May 7 2026
    Half Year 2026 Earnings August 6 2026

     

    For further information, please contact:

    Investor Relations

    Wouter Holties

    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu

    Head of External Relations

     

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half Year Management Report accompanying the Half Year Earnings 2025 report, available on our website Half Year Earnings – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®” and “F4W®” are proprietary marks owned by SBM Offshore.

     

    [1] Directional reporting, presented in the Financial Statements under section Operating Segments and 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. This explanatory note relates to all Directional reporting in this document.

    [2] The completion of the transaction remains subject to several conditions precedent and approvals.

    [3] As of August 6, 2025.

    [4] Numbers may not add up due to rounding.

    [5] Project delivery not disclosed by the client.

    [6] Based on the exchange rate on February 20, 2025.

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  • Sustainable Cities Challenge: Finalists Announced to Transform Crowd Management in the Holy City of Varanasi

    The Toyota Mobility Foundation announced five finalists for the $3 million Sustainable Cities Challenge, focused on transforming crowd management solutions in Varanasi’s historic city, Kashi.

    Developed in collaboration with the City of Varanasi, Challenge Works and World Resources Institute, the Challenge supports innovative solutions to ease congestion and improve pedestrian and pilgrimage flows through one of India’s oldest and most sacred cities, which welcomes millions of visitors each year.

    The Challenge attracted entries from innovators worldwide, with 10 semi-finalists being invited to further develop their concepts over a six-month period. From that group, five have now been selected as finalists following a rigorous evaluation from a panel of expert judges.

    Finalists were chosen based on criteria including innovation in crowd management, effectiveness, supporting data, potential to scale and team capacity. Judges looked for solutions that could support in managing large crowds, improve the safety, accessibility and navigability of narrow lanes, and meaningfully alter crowd behavior — all while demonstrating a strong understanding of the needs of locals, tourists and the feasibility of implementation. Each team was required to present a clear demonstration plan with measurable performance indicators to support long-term impact and scalability.

    A panel of five judges, bringing together expertise in data-driven technology, sustainable mobility and urban design, alongside deep knowledge of local business and community needs, selected the following finalists:

    • Arcadis – Arcadis is the world’s leading company delivering intelligence-driven sustainable design, engineering and consultancy solutions for natural and built assets. The team’s integrated solution is called SANKALP, an ecosystem of interconnected technologies designed to shift from reactive measures to proactive, intelligent crowd management. SANKALP will use real-time data, advanced simulation, mobile technology and integrated communications platforms to keep people moving safely and efficiently.
    • CITYDATA – CITYDATA is a pioneering big data and AI company that delivers mobility intelligence to foster smarter, safer, more sustainable and resilient urban environments. The team’s solution is CityFlow, a cloud-based solution that uses big data, computer vision and generative AI to measure, analyze, simulate and manage crowds in real time. Built on the MASI framework, it delivers actionable insights without the need for new hardware.
    • VOGIC AI – VOGIC AI is at the forefront of Vision AI for public good, transforming video data into real-time intelligence for defense, smart cities and crowd-sensitive public spaces. VOGIC AI’s solution is Behtar-Way, India’s first AI powered, hyperlocal community-first pedestrian navigation platform. The team’s solution will help guide citizens through safer, alternative routes, equipping city officials with real-time crowd intelligence.
    • Prameya Consulting – Prameya Consulting is an urban planning and strategy firm that aims to drive urban transformation through collaborative problem-solving and strategic planning. The team’s solution is Nayichaal, a “phygital” (physical and digital) AI ecosystem combining a chatbot, navigation app, wayfinding signage and a mobility dashboard to improve mobility, inclusivity and safety.
    • The Urbanizer – The Urbanizer is a pioneering urban design, landscape design and architecture firm based in India. They specialize in creating vibrant, sustainable urban spaces through a data-driven and human-centric approach. The team’s solution is Jan Jatra, a people-first mobility solution blending local insights with color-coded wayfinding, dynamic digital signage and other tactical urbanism strategies to improve navigation and safety.

    Each finalist team will receive $130,000 in implementation funding to demonstrate and test their proposed solutions in Kashi.

    “Through the Sustainable Cities Challenge, Varanasi is setting a global example for how historic and pilgrimage cities can embrace innovation without compromising their identity,” said Akshat Verma, IAS, municipal commissioner/chief executive officer, Varanasi Municipal Corporation/Varanasi Smart City. “These five outstanding finalists are not only developing solutions that enhance safety, accessibility and the lived experience for both residents and pilgrims, but also ensuring they safeguard the cultural and spiritual fabric of Kashi for future generations. We hope the world will look to Varanasi as a model for how tradition and technology can co-exist to create more livable, resilient cities.”

    Pras Ganesh, executive program director, Toyota Mobility Foundation, said: “The Varanasi Sustainable City Challenge journey has been truly inspiring. From a field of global innovators, these finalists stood out for their creative, practical and contextual approaches to one of the world’s most complex mobility environments. As we move into the next phase, we’re excited to see how their solutions are implemented on the ground, not only to improve movement with convenient and safe access in Kashi, but to create a benchmark on how other heritage-rich, high-density cities around the world can tackle similar challenges with empathy and innovation.”

    “Varanasi, one of the world’s oldest and most visited cities, is fast emerging as a pioneer in sustainable mobility—setting a global benchmark for historic cities navigating the demands of modern movement. Through the Innovating Crowd Flow Challenge, the city has united global innovation with local insights to tackle the complex challenge of managing the flow of millions of tourists. We are deeply inspired by the creativity, empathy and innovation demonstrated by the participating teams.” said Avinash Dubedi, Head of Sustainable Cities and Transport at WRI. “Their solutions go beyond easing congestion, they reimagine how people of all ages and abilities – residents, pilgrims and those with special needs – can move through the city with dignity, safety and ease. As these ideas enter the pilot phase, we look forward to witnessing their real-world impact on the experience of every visitor to this holy city.”

    “Varanasi is showing how to lead globally while solving locally,” said Kathy Nothstine, director of Cities and Societies at Challenge Works. “The finalist teams reflect the best of collaborative, interdisciplinary innovation, and their work will help transform how we think about movement, space and sacredness in dense urban areas.”

    The Sustainable Cities Challenge is funded by the Toyota Mobility Foundation and has been designed in partnership with Challenge Works and World Resources Institute. It aims to create cleaner, more efficient urban mobility systems worldwide. The innovative approaches emerging from Varanasi’s Sustainable City Challenge demonstrate how locally grounded ideas can drive meaningful progress toward global sustainability goals.

    In addition, Toyota Mobility Foundation works with Toyota Kirloskar Motor for amplification and on-ground support towards effective implementation of its various initiatives in India. Commenting on the challenge, Vikram Gulati, country head and executive vice president for  corporate affairs and governance at  Toyota Kirloskar Motor, said: “We are truly inspired by the commitment and ingenuity of the five finalists, whose solutions offer new and exciting possibilities for managing crowd in Varanasi. Their innovations have the potential to transform historic cities and set new global standards in crowd management and urban mobility. We remain committed to championing ideas that reflect our mission of ‘Mobility for All’ and help shape a more sustainable and inclusive future for cities around the world.”

     

    For more information, visit sustainablecitieschallenge.org.

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  • Q2 2025 results – Merck Group

    1. Q2 2025 results  Merck Group
    2. Merck & Co., Inc. (MRK) Needs To Move On From Talking About Its Animal Division, Says Jim Cramer  Yahoo Finance
    3. Merck KGaA raises forex-adj profit guidance on drugs, lab gear  TradingView
    4. Merck KGaA lifts 2025 profit outlook after strong drug, AI material sales in Q2  Investing.com
    5. Jim Cramer on Merck’s Latest Quarterly Report: “I Actually Liked It”  Yahoo Finance

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  • Global heat record streak ends in July, but risks still rising – Euronews.com

    1. Global heat record streak ends in July, but risks still rising  Euronews.com
    2. Third-hottest July on record wreaks climate havoc  CNA
    3. July was earth’s third-hottest on record: EU scientists  The Examiner
    4. World sees third-warmest July with slight respite in global temperatures  chinadailyasia.com
    5. Third-Warmest July on Record Puts End to Record Global Heat Streak  Earth.Org

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