General – Share Purchase
SBM Offshore has struck a deal with Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), Equatorial Guinea’s national oil company, to bid farewell to a floating production, storage, and offloading (FPSO) unit, which will enable it to depart from the African country.
Thanks to a share purchase agreement with GEPetrol, SBM Offshore will dispose of its full equity interest in the lease and operating entities of the FPSO Aseng.
The Dutch giant’s exit from Equatorial Guinea is scheduled to occur after an operational transition phase, which is expected to last up to 12 months.
While explaining that the sale of its participation in this FPSO is in line with its strategy to rationalize its lease & operate portfolio, the company highlighted that the agreement remains subject to several conditions precedent and approvals.
The FPSO Aseng commenced oil production in November 2011 at the Aseng field, located in approximately 1,000 meters of water within Block I, offshore Equatorial Guinea. The initial firm commitment was for a period of 15 years, with provisions for extensions of up to five years.
