SBM Offshore exits Equatorial Guinea with sale of FPSO Aseng Stake

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SBM Offshore has signed a share purchase agreement to sell its entire equity interest in the lease and operating entities of the FPSO Aseng to GE Petrol, Equatorial Guinea’s national oil company.

“The sale is in line with SBM Offshore’s strategy to rationalise its lease and operate portfolio,” the company said in a statement on Thursday.

SBM Offshore to deliver three FPSOs in 2025 amid strong market demand | OilNOW 

The transaction will result in SBM Offshore’s full exit from Equatorial Guinea, following an operational transition period of up to 12 months.

The company said the divestment supports its continued focus on core assets and future-oriented energy projects. These include floating energy solutions and emissions-reduction initiatives.

SBM Offshore reports record US$1.9 billion earnings in 2024 | OilNOW 

GE Petrol has not yet commented on the acquisition.

The deal is subject to several conditions precedent, including regulatory and contractual approvals. Financial terms have not been disclosed.

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