Sable Offshore (NYSE:SOC) is a closed-end management investment company that owns and charters offshore drilling rigs to major energy companies under long-term contracts. The company’s primary business activity involves the acquisition, financing and lease of jack-up drilling units designed for shallow-water exploration and development. By securing multi-year charters with leading national and international oil companies, Sable Offshore provides stable revenue streams while facilitating global offshore drilling operations.
As of the latest portfolio, Sable Offshore’s assets include three high-specification jack-up rigs equipped for drilling in water depths up to 400 feet. These assets are deployed on long-term contracts in key hydrocarbon regions, offering services such as platform drilling, well completion and routine maintenance support. The rigs’ modular design and robust hull construction enable efficient mobilization between projects and compliance with stringent safety and environmental standards.
Founded in 2005 and listed on the New York Stock Exchange in 2006, Sable Offshore has grown through strategic rig acquisitions and contract renewals. The company initially focused on the Asia Pacific region before expanding into the Middle East and Eastern Mediterranean markets. Over time, its disciplined charter strategy and capital structure have allowed Sable Offshore to weather industry cycles and secure high-quality counterparties for its drilling units.
Governed by a board of directors with extensive backgrounds in offshore drilling and finance, Sable Offshore’s executive leadership is headed by President and Chief Executive Officer John P. Parker. Under his stewardship, the management team emphasizes operational efficiency, asset integrity and long-term contract stability. The company maintains corporate offices in Houston, Texas, and continues to explore opportunities for portfolio enhancement and geographic diversification.
AI Generated. May Contain Errors.
Free SOC Stock Alerts