SBM Offshore Divests Stake in Aseng FPSO in Equatorial Guinea
Strategic Move to Streamline Global Portfolio
SBM Offshore, a leading global offshore infrastructure company, has announced its decision to divest its interest in the Aseng Floating Production, Storage, and Offloading (FPSO) unit located offshore Equatorial Guinea. The move is part of the company’s broader strategy to streamline its portfolio and concentrate on core assets in key regions.
The transaction, disclosed on Thursday, marks SBM Offshore’s formal exit from Equatorial Guinea. It also highlights the company’s ongoing efforts to optimize its business by focusing on regions and projects that align more closely with its long-term operational and financial objectives.
Deal Structure and Key Stakeholders
The divestment is structured as a share purchase agreement, under which SBM Offshore will transfer its equity interest in the Aseng FPSO to GEPetrol, the national oil company of Equatorial Guinea. Upon completion of the deal, GEPetrol will assume full ownership of SBM Offshore’s interest in the FPSO, marking a significant shift in control and local ownership.
The Aseng FPSO is currently leased and operated under contract by SBM Offshore. The facility is used by Noble Energy, a subsidiary of Chevron, which remains the end user of the offshore production unit. According to an investor presentation by SBM, the existing lease-and-operate agreement remains valid through November 2026, with an option for a five-year extension. This ensures that operations will continue uninterrupted, even as ownership changes hands.
Rationalizing the Lease and Operate Portfolio
In an official statement, SBM Offshore described the transaction as part of a strategic initiative to rationalize its lease and operate portfolio. This rationalization involves evaluating existing offshore assets and focusing efforts on areas where the company sees higher returns or stronger strategic alignment.
SBM Offshore’s business model has long revolved around the development, leasing, and operation of offshore floating units. However, in recent years, the company has signaled an intent to concentrate its resources in markets and regions that offer better synergies with its growth strategy, digital capabilities, and energy transition goals.
By exiting Equatorial Guinea, SBM Offshore reduces its exposure to non-core assets and reinforces its commitment to maintaining a more focused, efficient, and geographically targeted portfolio.
A Growing Trend of Local Ownership
This deal also reflects a broader industry trend of increasing local ownership and national participation in upstream oil and gas operations, particularly in Africa. GEPetrol’s acquisition of SBM Offshore’s stake in the Aseng FPSO is in line with Equatorial Guinea’s goal of building domestic capacity in the energy sector and enhancing local control over national resources.
The involvement of national oil companies like GEPetrol in FPSO operations represents a shift toward long-term sustainability and self-reliance. With the transfer of ownership, GEPetrol gains greater operational experience and expands its influence in the offshore segment of the country’s energy industry.
Implications for Chevron and Noble Energy
While SBM Offshore exits its equity role, operations aboard the Aseng FPSO will continue under the existing contract, meaning Noble Energy (Chevron) can maintain its offshore production activities without disruption. Chevron’s interests in Equatorial Guinea remain substantial, and the continuation of FPSO services under GEPetrol’s ownership may also foster stronger ties between the U.S. energy giant and the local government.
The possibility of extending the lease agreement beyond 2026 provides flexibility for both Chevron and GEPetrol as they evaluate the long-term viability of offshore production from the Aseng field.
SBM Offshore’s Evolving Strategy
SBM Offshore has spent the past few years evolving its business model, incorporating digital solutions, improving operational efficiency, and aligning more closely with global trends in energy transition. This includes focusing on offshore renewables, carbon reduction technologies, and next-generation floating production systems.
The divestment in Equatorial Guinea underscores SBM’s intent to allocate capital and expertise to regions and projects where it can drive innovation, maximize returns, and play a more active role in shaping the future of offshore energy.
While the company did not disclose the financial details of the transaction, the divestiture is not expected to have a material impact on its financial performance. Rather, it is seen as a tactical step in advancing SBM’s long-term corporate goals.
Conclusion: A Strategic Exit with Broader Industry Significance
SBM Offshore’s divestment from the Aseng FPSO represents more than just a portfolio adjustment—it is part of a broader strategy to streamline operations and enhance strategic focus. For Equatorial Guinea, the deal marks a move toward greater national participation in offshore oil and gas production.
For the offshore energy sector, this development is emblematic of shifting dynamics, where multinational firms recalibrate their roles and local players step up with growing ambition and capability.
As SBM Offshore continues to refine its global footprint, its exit from Equatorial Guinea aligns with its goal of delivering operational excellence, environmental stewardship, and sustainable value creation in the most strategic areas of its global business.