SBM Offshore Secures $465M Financing for FSO Chalchi in Mexico
SBM Offshore has finalized the project financing for the FSO Chalchi, totaling $465 million, provided by a consortium of international banks and institutional investors. The under-construction vessel will be operated under a 20-year lease and operate contract with Woodside Energy in Mexico.
The financing for the FSO Chalchi is backed by a consortium of international commercial banks and institutional investors, with partial insurance coverage from the China Export & Credit Insurance Corporation. Douglas Wood, CFO of SBM Offshore, stated, 'We welcome the signing of the financing for the FSO Chalchi, marking our first transaction that combines commercial banks, institutional investors, and the support of an export credit agency. This financing structure demonstrates SBM Offshore's ability to provide innovative and long-term financing solutions to our clients and offers a scalable solution for potential new lease and operate projects.' The financing will be drawn during the construction period and will become non-recourse once the vessel is operational. The loans have a maximum duration of about 14 years following the vessel's completion.
Vessel Constructed for the Trion Field in Mexico
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The FSO Chalchi is a new Suezmax-type vessel equipped with a disconnectable turret mooring system designed by SBM Offshore. It will be anchored at a water depth of about 2,500 meters and will have a crude oil storage capacity of approximately 950,000 barrels. The vessel will be deployed at the Trion field, located 180 km off the Mexican coast 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). SBM Offshore will operate it under a lease and operate contract with Woodside Petróleo Operaciones de México for a period of 20 years.
We have increased our revenue guidance versus the initial baseline and these results highlight the resilience of our business model.
Risks mentioned
Environnement de marché de plus en plus complexe et volatil mentionné par le CEO
Fin de la fabrication des topsides de FPSO Jaguar réduisant sa contribution au chiffre d'affaires
Attribution finale du contrat Longtail soumise à approbations gouvernementales et décision finale d'investissement du client
Opportunities identified
Attribution des contrats FPSO SEAP I et SEAP II par Petrobras renforçant le backlog
Commande d'une 13e coque Fast4Ward portée par de solides perspectives du marché FPSO
Backlog pro-forma record de 35,6 milliards de dollars offrant une visibilité jusqu'en 2050
Outlook / guidance
Expected revenue: 7 600 millions de dollars
Expected EBITDA: 1 900 millions de dollars
Management commentary: The Company's 2026 Directional revenue guidance is increased to around US$7.6 billion, of which around US$2.4 billion is expected from the Lease and Operate segment and around US$5.2 billion from the Turnkey segment.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
