SBM Offshore intends to divest minority interest in FSO Chalchi
SBM Offshore has announced its intention to divest its minority interest in the FSO Chalchi, a key component of the Trion project in Mexico. The FSO, constructed at the COSCO Shipyard in Qidong, China, marked a significant milestone with its first steel cut in September 2025, signaling Mexico’s first deepwater development project. The vessel, named after the Aztec water deity Chalchiuhtlicue, is designed to operate in 2,300 meters of water and will feature Disconnectable Turret Mooring (DTM) system engineered by SBM Offshore.
The Trion project is a joint venture between Woodside Energy (60%, operator) and PEMEX (40%). SBM Offshore has played a central role in the development, leveraging its expertise in deepwater infrastructure and innovation. The FSO Chalchi is expected to store up to 950,000 barrels of crude oil over its 27-year operational life.
The decision to divest the minority interest aligns with SBM Offshore’s broader strategy to optimize its portfolio and focus on core growth opportunities. The company has previously demonstrated a disciplined approach to capital allocation, including EUR141 million share repurchase program, which was approximately 71% complete as of November 2025. The move also reflects the company’s ongoing commitment to strengthening its balance sheet and enhancing shareholder value.
SBM Offshore’s third-quarter 2025 trading update highlighted strong operational performance, with year-to-date Directional revenue reaching US$3.6 billion, a 26% increase compared to the same period in 2024. The company’s Directional EBITDA guidance for 2025 was raised to around US$1.65 billion, underscoring its ability to execute complex projects across diverse geographies.
The divestiture of the FSO Chalchi minority interest is expected to be finalized in the coming months, with the exact terms and timing to be disclosed in accordance with regulatory requirements. Investors will be watching closely as SBM Offshore continues to navigate a dynamic offshore energy landscape, balancing growth, sustainability, and operational efficiency.
