SBM Offshore Completes Share Purchase Agreements with Sonangol

Source: SBM Offshore
Source: SBM Offshore

SBM Offshore is pleased to announce that it has completed the acquisition of the shares in the lease and operating entities related to FPSOs N’Goma, Saxi Batuque and Mondo from its partner Sonangol EP. Simultaneously, SBM Offshore completed the sale of all its shares in the parent company of the Paenal shipyard in Angola to a subsidiary of Sonangol EP.

The acquisition of the shares from Sonangol EP brings SBM Offshore’s ownership in the entities owning the FPSOs Saxi Batuque and Mondo to 100% and in the entity owning the FPSO N’Goma to 80%. The operating companies in Angola will be wholly owned by SBM Offshore after the acquisition. The total net consideration paid for the equity ownership of the acquired entities by SBM Offshore and including the sale of the parent company of the Paenal shipyard is approximately $40 million.

In addition, SBM Offshore has signed an MoU with its minority partner (Angola Offshore Services Limited, “AOSL”) in the FPSO N’Goma concerning the purchase by AOSL of 20% of SBM Offshore’s shareholding (80%) in the entity owning the FPSO. The MoU is conditional on the signature of a share purchase agreement and upon several conditions precedent, including consent from clients and lenders, and approval by the various competent authorities.

Through this transaction, SBM Offshore is reorganizing its business in Angola, focusing on core lease and operate activities and divesting a non-core construction yard.

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