SBM Offshore intends to divest minority interest in FSO Chalchi

Rhea-AI Summary

SBM Offshore (OTC:SBFFF) agreed a shareholders’ deal with partner NYK, intending to divest a 45% interest in the special purpose companies owning and operating the FSO Chalchi. SBM Offshore would retain a 55% majority stake. Completion depends on conditions precedent and approvals.

FSO Chalchi is under construction and contracted to Woodside’s Mexican affiliate under 20-year lease and operate contracts for deployment at the Trion field in deepwater Mexico.

Positive

• Intention to divest 45% interest in FSO Chalchi SPVs to long-standing partner NYK while retaining 55% majority
• FSO Chalchi secured under 20-year lease and operate contracts with Woodside’s Mexican affiliate
• Newbuild FSO Chalchi to serve Trion field development in deepwater Mexico

Negative

• Planned 45% divestment remains subject to several conditions precedent and regulatory or other approvals

Market Context

This announcement details SBM Offshore’s intention to divest a 45% stake in the FSO Chalchi special ...

Analysis

This announcement details SBM Offshore’s intention to divest a 45% stake in the FSO Chalchi special purpose companies while retaining 55% and a 20‑year lease and operate contract with Woodside. The unit’s scale—about 950,000 barrels storage in 2,500 meters of water—adds to its long‑term asset base. In light of recent revenue growth and buybacks, investors may focus on execution milestones, regulatory approvals, and how this transaction fits broader capital allocation priorities.

Key Figures

Divested ownership interest: 45% Retained ownership interest: 55% Lease and operate term: 20 years +5 more

8 metrics

Divested ownership interest 45% Planned sale in FSO Chalchi special purpose companies

Retained ownership interest 55% SBM Offshore’s remaining stake in FSO Chalchi entities

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

Water depth 2,500 meters FSO Chalchi planned mooring depth

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

Distance from coastline 180 km Trion field distance off Mexican coastline

Distance to maritime border 30 km Trion field distance south of US/Mexico maritime border

Employee count more than 8,000 Global team supporting SBM Offshore operations

Historical Context

5 past events · Latest: Jun 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 01	Strategic partnership	Positive	+3.8%	Joint venture for next‑gen deepwater installation vessel targeting 2029 delivery.
May 13	Share repurchases	Positive	-2.8%	Update on EUR 227m buyback, 20.16% completed with detailed weekly purchases.
May 07	Trading update	Positive	-4.3%	Strong 1Q26 revenue growth, higher full‑year guidance, lower net debt and dividend.
May 06	Share repurchases	Positive	+0.1%	Progress update showing 18.19% of EUR227m buyback completed with weekly activity.
Apr 22	Share repurchases	Positive	+0.1%	Ongoing EUR227m buyback, 14.63% complete with disclosed shares and spend.

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

Pattern Detected

Recent news has generally been positive, with a mix of aligned and divergent price reactions to favorable updates and buyback disclosures.

Recent Company History

Over the past months, SBM Offshore reported strong operational and financial momentum. The 1Q26 trading update highlighted Directional revenue of US$3,489m, raised full‑year guidance to above US$6.9bn, and reduced net debt to US$3.2bn. Multiple updates detailed progress on a EUR227m share repurchase program. A joint venture for a next‑generation deepwater installation vessel further supported long‑term growth. Today’s FSO Chalchi divestment of a minority stake fits within this pattern of capital allocation and asset optimization.

Key Terms

suezmax-type hull, disconnectable turret mooring system, special purpose companies, market abuse regulation, +2 more

6 terms

suezmax-type hull technical

"The new build FSO is based on a Suezmax-type hull and will be equipped..."

A suezmax-type hull is a ship design sized to carry the maximum cargo that can safely and economically pass through the Suez Canal and similar waterways, typically around 120,000–200,000 deadweight tons for tankers. For investors, this matters because hull size affects where a vessel can travel, how much cargo it can earn on each voyage, and therefore its revenue potential, operating costs and resale value—think of it like choosing a vehicle that fits both the garage and the highway for optimal use.

disconnectable turret mooring system technical

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

A disconnectable turret mooring system is a rotating anchoring hub that holds a floating oil or gas production vessel in place while allowing the vessel to quickly detach and sail away if severe weather or other danger approaches. Think of it like a quick‑release hitch on a trailer that lets the vehicle move free to avoid damage. For investors, it matters because it reduces the risk of lost production, costly repairs, and long shutdowns, which can affect revenue, capital costs, and insurance exposure.

special purpose companies financial

"divest a 45% ownership interest in the special purpose companies related to the lease..."

Special purpose companies are standalone legal entities set up to own one asset or run a single deal—for example to hold a property, issue a specific bond, or manage a project. They matter to investors because they isolate the risk of that asset from the broader business, which can protect investors but also obscure liabilities or complexity, so their structure, funding and creditworthiness affect how safe or valuable an investment really is.

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 (apms) financial

"This release contains certain alternative performance measures (APMs) as defined by the ESMA..."

Alternative performance measures (APMs) are financial metrics companies present alongside standard accounting numbers that adjust or reframe reported results to highlight trends or aspects of performance management believes are more telling. Investors care because APMs can reveal cash flow, recurring earnings, or operational results that standard statements may obscure; like removing frosting from a cake to show its interior, they can clarify underlying performance but require scrutiny to ensure adjustments are sensible and consistent.

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 4, 2026

SBM Offshore announces that it has entered into a shareholders’ agreement with its long-standing business partner Nippon Yusen Kabushiki Kaisha (NYK) with the intention to divest a 45% ownership interest in the special purpose companies related to the lease and operation of the FSO Chalchi. SBM Offshore will remain the majority shareholder with 55% ownership interest. The divestment remains subject to several conditions precedent and approvals.

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).

        

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 intends to divest minority interest in FSO Chalchi

FAQ

What did SBM Offshore (SBFFF) announce about its stake in FSO Chalchi on June 4, 2026?

SBM Offshore announced it intends to divest a 45% interest in the FSO Chalchi special purpose companies to partner NYK. According to SBM Offshore, the company would retain a 55% majority stake after closing, subject to conditions and approvals.

Will SBM Offshore remain the majority owner of FSO Chalchi after the planned SBFFF divestment?

SBM Offshore plans to remain majority owner of FSO Chalchi with a 55% interest after divesting 45% to NYK. According to SBM Offshore, this structure keeps operational control while bringing in its long-standing shipping partner into the project.

What are the key contract terms for FSO Chalchi supporting SBM Offshore (SBFFF)?

FSO Chalchi is backed by 20-year lease and operate contracts with Woodside’s Mexican affiliate. According to SBM Offshore, the newbuild Suezmax-type FSO will be deployed on the Trion field in about 2,500 meters water depth offshore Mexico.

Where will SBM Offshore’s FSO Chalchi for SBFFF be deployed and for which project?

FSO Chalchi will be deployed at the Trion field, about 180 km off Mexico’s coastline and 30 km south of the US/Mexico maritime border. According to SBM Offshore, Trion is a joint venture between Woodside and Pemex.

What are the upcoming 2026–2027 financial reporting dates for SBM Offshore (SBFFF)?

SBM Offshore plans Half Year 2026 earnings on August 6 and a Q3 2026 trading update on November 12. According to SBM Offshore, Full Year 2026 earnings are scheduled for February 18, 2027, with the AGM on April 7, 2027.

What are the technical features and storage capacity of SBM Offshore’s FSO Chalchi?

FSO Chalchi is a newbuild based on a Suezmax-type hull with an SBM-designed Disconnectable Turret Mooring system. According to SBM Offshore, it will be able to store around 950,000 barrels of crude oil in deepwater Mexican operations.