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.
News Market Reaction – SBFFY
In the Jun 29 session, SBFFY declined 10.59%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 03 | Share buyback update | Positive | +3.0% | Update on progress of EUR227m share repurchase program and calendar reminder. |
| Jun 01 | Strategic partnership | Positive | +3.8% | Joint venture with Solstad Offshore for next‑gen deepwater installation vessel. |
| May 13 | Share buyback update | Positive | -2.8% | Further progress on EUR227m buyback with detailed weekly repurchase figures. |
| May 07 | Trading update | Positive | -4.3% | Strong Q1 2026 trading update with higher revenue guidance and lower net debt. |
| May 06 | Share buyback update | Positive | +0.1% | Weekly progress showing over 18% completion of the EUR227m repurchase program. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The stock’s reaction to generally positive corporate updates has been mixed, with both rallies and notable pullbacks following news.
Key Terms
non-recourse financial
export credit agency financial
disconnectable turret mooring technical
suezmax-type hull technical
market abuse regulation regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Amsterdam, June 29, 2026
SBM Offshore announces it has signed the project financing of FSO Chalchi for a total amount of US
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 (
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.
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