The company, which leases, operates, builds and sells FPSO vessels to produce and transport crude and gas, generated record-high revenue of $4.53 billion last year, compared with $3.29 billion in 2022.

That was slightly ahead of its $4.4 billion forecast from November.

SBM Offshore's shares were 2.3% higher at 13.17 euros ($14.27) at 1134 GMT.

The Amsterdam-based company said it expects directional revenue of $3.5 billion for 2024, with around $1.3 billion from its turnkey business, which builds and sells the FPSO vessels.

"We have a positive outlook on the market given the economics and low emission qualities of deepwater resources," CEO Bruno Chabas said.

Analysts were expecting a directional revenue of $3.16 billion for 2024, a company-compiled consensus showed.

SBM Offshore calculates its results using a method of "directional reporting" that records payments made during the construction phase and prior to a lease's execution as revenue.

The group attributed the strong performance last year to its turnkey business, as revenues from turnkey supply contracts and after-sales services rose by 69% in 2023, mainly due to the Liza Unity sale.

The start of work on FPSO vessel Jaguar and "additional variation orders" on FPSO vessel Prosperity - also in Guyana - further boosted annual turnkey revenue, it said.

Degroof Petercam said in a research note that it sees good opportunities for more FPSO contracts.

It said the guidance showed SBM Offshore can continue to generate "very healthy" core earnings even without a contribution from sales of vessels like the Liza Unity.

The group's directional core profit increased by 31% to $1.31 billion in 2023, in line with its earlier guidance.

($1 = 0.9231 euros)

(Reporting by Stéphanie Hamel in Gdansk; editing by Milla Nissi and Jane Merriman)

By Stephanie Hamel