Sable Offshore has closed its upsized underwritten public offering, issuing 10 million shares at $29.50 each.
The offering includes an additional 1.3 million shares following the full exercise of the underwriters’ option.
The gross proceeds, before deductions, are approximately $295m.
The company aims to allocate the net proceeds for capital expenditures, working capital, and general corporate purposes.
J.P. Morgan, Jefferies, and TD Cowen served as joint book-running managers, while The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers were co-managers in the transaction.
In a related development, Sable Offshore announced the resumption of production at the Santa Ynez Unit (SYU) and the initiation of oil flow to Las Flores Canyon (LFC) as of 15 May 2025.
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By GlobalDataFollowing the completion of repairs on the Las Flores Pipeline System (Onshore Pipeline) on 18 May 2025, the company has fulfilled the requirements of the Consent Decree governing the Onshore Pipeline’s operations.
To date, seven out of eight sections of the Onshore Pipeline have undergone successful hydrotesting.
Sable Offshore plans to conduct the final hydrotest to meet the remaining operational condition for restarting the Onshore Pipeline, as mandated by the Consent Decree.
The company anticipates filling the approximately 540,000 barrels of crude oil storage capacity at LFC by mid-June 2025 and aims to recommence oil sales in July 2025.
Sable Offshore, headquartered in Houston, Texas, is an independent oil and gas firm committed to responsibly developing resources in the Santa Ynez Unit offshore California, with a team experienced in safe operations within the state.
