Sable Offshore raises $250 million through private stock placement

Sable Offshore Corp. (NYSE: SOC) entered into subscription agreements to issue 45,454,546 shares of common stock in a private placement to institutional investors at $5.50 per share, according to a company statement.

The Houston-based oil and gas company expects to receive gross proceeds of approximately $250 million before deducting placement agent fees and other offering expenses. The private placement is expected to close on November 12, 2025, subject to customary closing conditions.

Sable plans to use the proceeds for general corporate purposes. The offering is expected to satisfy the common equity contribution condition of the Senior Secured Term Loan amendment that the company announced on November 3, 2025.

Jefferies and TD Cowen are serving as joint placement agents for the transaction.

The shares have not been registered under the Securities Act of 1933 or applicable state securities laws. Sable agreed to file a registration statement to register the resale of the shares being sold in the private placement.

Sable Offshore focuses on developing the Santa Ynez Unit in federal waters offshore California. The company operates as an independent oil and gas enterprise headquartered in Houston, Texas.

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