Yes, FBS works on the offer level. This means that you can list a product with 2 offers: one of which is FBS, another is fulfilled by you.
Listing and Creating FBS Shipping Notices
How can I register with Fulfilled By Souq?
Can I request to recall my Fulfilled by Souq products from your fulfillment centers?
Who handles customer service complaints and feedback and provides product support for Fulfilled by Souq products and orders?
How can I monitor numbers related to Fulfilled by Souq in the selling center?
What do I do when I receive a new Fulfilled by Souq order?