SBM Offshore to fully exit Equatorial Guinea with FPSO Aseng divestment

SBM Offshore has announced the signing of a share purchase agreement for the full divestment of its equity interest in the lease and operating entities of the FPSO Aseng to GE Petrol, the national oil company of Equatorial Guinea.

In a statement, SBM Offshore said the transaction will result in its complete exit from the country, following an operational transition period of up to 12 months.

“The sale is in line with SBM Offshore’s strategy to rationalise its lease and operate portfolio,” the company said, citing similar recent portfolio streamlining transactions aimed at optimising its global operations.

GE Petrol has not yet issued a public statement on the acquisition. The deal remains subject to several conditions precedent, including regulatory and contractual approvals. Financial terms were not disclosed at this stage.

The company added that the move reflects a continued focus on core assets and future-oriented energy projects, including floating energy solutions and local emissions-reduction initiatives.