Dutch Firm Secures $465M Funding for Mexico-Bound FSO Maritime Activity Reports, Inc. June 29, 2026 Trion development (Credit: Woodside Energy) SBM Offshore has secured project financing worth $465 million for the Chalchi floating storage and offloading (FSO) vessel, being built for Woodside Energy's Trion project offshore Mexico. The financing has been provided by a consortium of international banks and institutional investors and includes partial insurance cover from China Export & Credit Insurance Corporation. SBM Offshore said the financing would be drawn during the construction period and would become non-recourse after the vessel starts operations. The loans have a maximum tenor of about 14 years after completion. FSO Chalchi is currently under construction and will operate under 20-year lease and operating contracts with Woodside Energy through its Mexican affiliate, Woodside Petróleo Operaciones de México. The vessel is based on a Suezmax-type hull and will be equipped with a disconnectable turret mooring system designed by SBM Offshore. It will operate in water depths of about 2,500 meters and have storage capacity of around 950,000 barrels of crude oil. The FSO will be deployed at the Trion field, located about 180 km off the Mexican coast and 30 km south of the U.S.-Mexico maritime border. The Trion project is a joint venture between operator Woodside, which holds a 60% interest, and Petróleos Mexicanos, which holds the remaining 40%. "We welcome the signing of the project financing of FSO Chalchi, marking our first transaction combining commercial banks, institutional investors and support from an export credit agency. This financing structure demonstrates SBM Offshore's ability to deliver innovative, long-term funding solutions for our clients and provides a scalable solution for potential new lease and operate projects,” said Douglas Wood, Chief Financial Officer of SBM Offshore. Earlier in June, SBM Offshore entered into a shareholders' agreement