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).
In June 2023, HD Hyundai Heavy Industries signed a engineering, procurement, and construction (EPC) contract with Woodside Energy for the Trion FPU, valued at approximately $1.2 billion, with delivery expected in the first half of 2027. In early 2026, Nantong Heavy Industry Equipment officially broke ground on the Trion FPU living quarters section project.
SBM Offshore recently announced the signing of an EPC contract for two FPSOs—SEAP-I (P-81) and SEAP-II (P-87)—located in the Sergipe-Alagoas Basin in northeastern Brazil. The total project value for the two FPSOs is nearly $7.8 billion.
SBM Offshore will be responsible for the design, construction, and operation of both the SEAP-I and SEAP-II FPSOs, both of which will utilize SBM Offshore’s market-proven Fast4Ward® MPF hull. These will be the company’s 11th and 12th new-build multi-purpose hulls, and orders for the hulls have already been placed.
Additionally, SBM Offshore will partner with Solstad Offshore through a joint venture to build a new multi-purpose deepwater installation vessel. A letter of intent has been signed with a shipyard—the identity of which has not yet been disclosed—and the new vessel is expected to be delivered in the first half of 2029.
It is reported that this multi-purpose deepwater installation vessel will support the installation of offshore infrastructure such as FPSOs. Featuring an optimized design, the vessel is capable of installing offshore infrastructure in both shallow and deep waters. The joint venture has signed a multi-year charter agreement with SBM Offshore for this new vessel.