
SBM Offshore Completes Strategic Exit from Equatorial Guinea Operations
Dutch offshore energy services company SBM Offshore has finalized its complete withdrawal from Equatorial Guinea through the divestment of its FPSO Aseng operations to GE Petrol, the country’s national oil company. The strategic move represents a significant shift in the company’s global portfolio as it focuses on rationalizing its lease and operate assets worldwide.
The transaction will result in SBM Offshore’s complete exit from the West African nation following a structured operational transition period of up to 12 months, ensuring seamless continuity of operations. The deal aligns with the company’s broader strategy of optimizing its global operations through similar portfolio streamlining transactions.
While financial terms remain undisclosed, the transaction is subject to several conditions precedent, including regulatory and contractual approvals. GE Petrol has not yet issued a public statement regarding the acquisition, though the transfer is expected to strengthen the national oil company’s operational capabilities.
SBM Offshore emphasized that the divestment reflects its continued focus on core assets and future-oriented energy projects, including advanced floating energy solutions and local emissions-reduction initiatives. The move positions the company to concentrate resources on more strategic markets and emerging energy technologies.
Source: bairdmaritime.com