SBM Offshore completes US$465 million financing of FSO Chalchi

Rhea-AI Summary

SBM Offshore (OTC:SBFFF) signed US$465 million project financing for the FSO Chalchi, provided by international banks and institutional investors with partial China Exim insurance. The debt will be drawn during construction, become non-recourse after start-up, and has a maximum tenor of about 14 years post completion.

FSO Chalchi, a Suezmax-type unit with SBM’s Disconnectable Turret Mooring, will store around 950,000 barrels of crude and operate under 20-year lease and operate contracts with Woodside in Mexico’s Trion field, a Woodside–Pemex joint venture.

Positive

• US$465 million project financing secured for FSO Chalchi
• Financing tenor of about 14 years post completion
• Debt becomes non-recourse after FSO Chalchi starts operations
• 20-year lease and operate contracts with Woodside for Trion field
• FSO capacity around 950,000 barrels of crude oil storage

Negative

• None.

Market Context

This announcement secures US$465 million in long-tenor, largely non-recourse financing for FSO Chalc...

Analysis

This announcement secures US$465 million in long-tenor, largely non-recourse financing for FSO Chalchi under 20-year lease and operate contracts. It reinforces SBM Offshore’s asset-backed model, though project execution and long-term operational performance remain key risks to monitor.

Key Figures

Project financing: US$465 million Loan tenor: 14 years Lease and operate term: 20 years +5 more

8 metrics

Project financing US$465 million FSO Chalchi project financing size

Loan tenor 14 years Maximum tenor post completion for project loans

Lease and operate term 20 years Lease and operate contracts with Woodside Energy

Water depth 2,500 meters Planned mooring depth for FSO Chalchi

Storage capacity 950,000 barrels Crude oil storage capacity of FSO Chalchi

Distance from coastline 180 km Distance of Trion field from Mexican coastline

JV interest 60% / 40% Trion joint venture split between Woodside and Pemex

Employees 8,000 Approximate global team size supporting operations

Historical Context

5 past events · Latest: Apr 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 15	AGM resolutions	Positive	+17.0%	AGM approvals including dividend, CEO re-appointment and governance resolutions.
Apr 15	Share repurchase update	Positive	+17.0%	Details on progress of sizeable EUR227 million share buyback program.
Feb 04	Share repurchase update	Positive	+0.1%	Ongoing execution of EUR141 million repurchase aimed at reducing share capital.
Feb 04	Asset sale completion	Positive	+0.1%	US$2.32 billion FPSO sale with debt repayment and long-term O&M contract.
Jan 28	Share repurchase update	Positive	+28.3%	High completion level of repurchase program supporting capital return aims.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news on buybacks, AGM decisions and major asset transactions has typically produced strong positive price reactions.

Key Terms

non-recourse, export credit agency, disconnectable turret mooring, market abuse regulation, +2 more

6 terms

non-recourse financial

"will become non-recourse after the FSO has started operations."

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

export credit agency financial

"and support from an export credit agency."

An export credit agency is a government-backed institution that helps domestic exporters by offering loans, loan guarantees, or insurance to foreign buyers so they can buy goods and services from home-country companies. For investors, this reduces the risk that a large overseas sale will fall through — similar to a bank co-signing or insuring a big customer — which can make revenue more reliable and projects easier to finance.

disconnectable turret mooring technical

"equipped with a Disconnectable Turret Mooring system designed by SBM Offshore."

A disconnectable turret mooring is a floating offshore mooring system that lets a production vessel rotate around a central pivot while remaining attached to seabed anchors, then be safely detached and towed away when needed. For investors, it matters because the ability to disconnect quickly reduces weather-related shutdowns, lowers repair and insurance costs, and preserves asset value by enabling faster evacuation or redeployment—similar to a quick-release hitch that protects a trailer and its cargo.

market abuse regulation regulatory

"inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation."

Market abuse regulation consists of laws and rules designed to prevent dishonest or manipulative practices in financial markets. It aims to ensure fair and transparent trading, so investors can trust that markets operate honestly, much like rules that keep a game fair. By reducing unfair advantages, it helps protect investor confidence and promotes healthy, efficient markets.

alternative performance measures financial

"contains certain alternative performance measures (APMs) as defined by the ESMA guidelines"

Alternative performance measures are financial figures companies present alongside official accounting numbers that strip out certain costs or gains to highlight how management views underlying business trends. Think of it like a cook showing a recipe’s calories without the sauce to emphasize the main ingredients; investors use these adjusted numbers to compare performance and spot trends, but they can vary by company and require careful scrutiny to avoid misleading comparisons.

ifrs financial

"alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Amsterdam, June 29, 2026

SBM Offshore announces it has signed the project financing of FSO Chalchi for a total amount of US$465 million.

The project financing is provided by a consortium of international banks and institutional investors and includes partial insurance cover from China Export & Credit Insurance Corporation. The project financing will be drawn during the construction period and will become non-recourse after the FSO has started operations. The loans have a maximum tenor of c. 14 years post completion.

FSO Chalchi is currently under construction and will be operated under 20-year lease and operate contracts with Woodside Energy through its affiliate in Mexico, Woodside Petróleo Operaciones de México, S. de R.L. de C.V. (Woodside).

The new build FSO is based on a Suezmax-type hull and will be equipped with a Disconnectable Turret Mooring system designed by SBM Offshore. The FSO will be moored in water depth of about 2,500 meters and will be able to store around 950,000 barrels of crude oil.

The FSO will be deployed at the Trion field, located 180 km off the Mexican coastline and 30 km south of the US/Mexico maritime border. The Trion project is a joint venture between Woodside (60%, Operator) and Petróleos Mexicanos (40%, non-Operator).

Douglas Wood, CFO of SBM Offshore, commented:

“We welcome the signing of the project financing of FSO Chalchi, marking our first transaction combining commercial banks, institutional investors and support from an export credit agency. This financing structure demonstrates SBM Offshore’s ability to deliver innovative, long-term funding solutions for our clients and provides a scalable solution for potential new lease and operate projects.”

  

Corporate Profile

SBM Offshore is a global leader in deepwater ocean infrastructure, delivering floating production solutions across the full asset lifecycle—from design and construction to installation and operation. Supported by a global team of more than 8,000 professionals, the Company operates a long-term, asset-backed business model that delivers high-availability assets and predictable cash flows. SBM Offshore combines engineering expertise, operational reliability, and selective innovation to support safe, efficient, and lower-carbon energy production, while extending its capabilities into new opportunities across the blue economy.

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

Financial Calendar		Date	Year
Half Year 2026 Earnings		August 6	2026
Third Quarter 2026 Trading Update		November 12	2026
Full Year 2026 Earnings		February 18	2027
Annual General Meeting		April 7	2027
First Quarter 2027 Trading Update		May 5	2027

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Phone:	+31 (0)20 236 32 36
E-mail:	wouter.holties@sbmoffshore.com
Website:	www.sbmoffshore.com

Media Relations

Giampaolo Arghittu
Head of External Relations

Phone:	+31 (0)6 212 62 333 / +39 33 494 79 584
E-mail:	giampaolo.arghittu@sbmoffshore.com
Website:	www.sbmoffshore.com

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, expectations and various assumptions regarding the financial and non-financial position of SBM Offshore N.V., anticipated developments and other factors, and involve known and unknown risks, dependencies 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 2025 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 N.V. 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.

Data underpinning certain disclosures – particularly sustainability-related - may be subject to inherent limitations. These limitations include but are not limited to reliance on third party data providers whose data quality, completeness and integrity may differ; the use of estimates and assumptions where actual data is unavailable or incomplete; and dependencies on value chain partners for timely and accurate information provision. Methodologies, standards and regulatory requirements for measuring and reporting information—especially sustainability related information—continue to evolve. As a result, our measurement approaches and reported figures may be refined over time as more accurate, granular or standardised data becomes available. Accordingly, all data, and emissions data in particular, should be interpreted in light of these limitations and the ongoing maturation of sustainability reporting practices across our value chain.

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 2025 Annual Report, available on our website Annual Reports - 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^®” and “Imodco^®” are proprietary marks owned by SBM Offshore.

Attachment

• SBM Offshore completes US$465 million financing of FSO Chalchi

FAQ

What financing did SBM Offshore (SBFFF) secure for FSO Chalchi on June 29, 2026?

SBM Offshore secured US$465 million in project financing for FSO Chalchi. According to SBM Offshore, the funding comes from a consortium of international banks and institutional investors, includes partial insurance from China Export & Credit Insurance Corporation, and will be drawn during construction.

What are the key terms of the FSO Chalchi financing for SBM Offshore (SBFFF)?

The FSO Chalchi loans have a maximum tenor of about 14 years post completion. According to SBM Offshore, the financing is project-based, will be drawn during construction, and becomes non-recourse after the FSO starts operations under long-term lease and operate contracts.

What are the lease and operate contract details for FSO Chalchi with Woodside and SBM Offshore (SBFFF)?

FSO Chalchi will operate under 20-year lease and operate contracts with Woodside. According to SBM Offshore, the contracts are through Woodside’s Mexican affiliate and relate to deployment at the Trion field, supporting long-term asset-backed cash flows for the floating storage unit.

Where will SBM Offshore’s FSO Chalchi (SBFFF) operate and what is its storage capacity?

FSO Chalchi will be deployed at the Trion field offshore Mexico, in about 2,500 meters water depth. According to SBM Offshore, the Suezmax-type FSO will store around 950,000 barrels of crude oil and use a Disconnectable Turret Mooring system.

Who are the partners in the Trion field served by SBM Offshore’s FSO Chalchi (SBFFF)?

The Trion project is a joint venture between Woodside and Pemex. According to SBM Offshore, Woodside holds 60% and operates the field, while Petróleos Mexicanos holds 40% as non-operator, with FSO Chalchi providing long-term storage capacity.

What upcoming earnings dates has SBM Offshore (SBFFF) scheduled for 2026–2027?

SBM Offshore plans Half Year 2026 earnings on August 6, 2026 and Full Year 2026 earnings on February 18, 2027. According to SBM Offshore, trading updates are scheduled for November 12, 2026 and May 5, 2027, with the AGM on April 7, 2027.

How does the FSO Chalchi financing align with SBM Offshore’s (SBFFF) business model?

The FSO Chalchi financing supports SBM Offshore’s long-term, asset-backed business model. According to SBM Offshore, combining commercial banks, institutional investors and export credit support provides scalable, long-duration funding for lease and operate projects, contributing to predictable cash flows from deepwater infrastructure assets.