10:54 AM EST, 11/03/2025 (MT Newswires) -- Sable Offshore ( SOC ) said Monday it is targeting to acquire an offshore storage and treating vessel in Q1 of 2026 to unlock the value of its Santa Ynez Unit offshore Santa Barbara County, California.

The company said it expects to complete vessel topside modifications, platform modifications, and vessel installation at the unit before restarting oil sales in Q4 of 2026.

Further, Sable and Exxon Mobil ( XOM ) entered into an amendment of its senior secured term loan agreement, extending the maturity date of the loan to March 31, 2027, or 90 days after first sales of hydrocarbons, whichever comes first. The amendment also increases the interest rate from to 15% per annum from 10% per annum, Sable said.

The amendment will become effective upon the satisfaction of certain conditions, including Sable receiving equity contributions of no less than $225.0 million, the company said.

Price: 8.11, Change: -2.35, Percent Change: -22.47