SBM Offshore Agrees to Divest 45% Stake in FSO Chalchi to NYK

Overview

• SBM announced on Thursday that it has signed a shareholders’ agreement with Nippon Yusen Kabushiki Kaisha (NYK) to divest a 45% ownership interest in the special-purpose companies for the FSO Chalchi while retaining a 55% majority stake.
• The planned transfer is not final and remains conditional on multiple approvals and other conditions precedent before the ownership change can close.
• FSO Chalchi is a new-build Suezmax-type floating storage and offloading unit under construction that will use a SBM-designed disconnectable turret mooring to operate in about 2,500 meters of water and store roughly 950,000 barrels of crude.
• The unit is contracted on 20-year lease and operate agreements with Woodside’s Mexican affiliate and is intended for deployment at the Trion deepwater field, where Woodside holds 60% and Pemex 40% of the joint venture.
• The deal would bring NYK capital and partnership to a long‑life, asset-backed project while leaving SBM with operational control and the long-term revenue stream; market watchers should watch for regulatory sign-offs and any contractual consents that could affect timing or scope of the transaction.