Latham & Watkins Advises Sable Offshore on US$107m Equity Offering

7th Jul 2026
Latham & Watkins LLP has advised Sable Offshore Corp. on the closing of a US$107 million common equity offering, giving capital markets lawyers another example of how public energy companies are combining equity, debt and refinancing work against a tighter disclosure backdrop. Sable Offshore Corp., listed on the New York Stock Exchange under ticker SOC, announced the closing of a public offering of 32,467,533 shares of common stock at US$3.08 per share. The company also granted underwriters a 30-day option to buy up to 4,870,129 additional shares to cover over-allotments, which was exercised in full on July 1, 2026. Latham said the financing team was led by Houston partner Ryan Maierson, with associates Shawn Quinn, Ryan Hudson, Chelsea Carlson and Regan Barney. Tax advice was provided by New York partners Elena Romanova and Aaron Bernstein, with associate Jack Santoro. Sable separately said J.P. Morgan acted as sole book-running manager for the common stock offering and the notes offering. The deal sits alongside Sable’s wider financing package. Sable had priced concurrent offerings of common stock and US$300 million aggregate principal amount of 6.5% convertible senior notes due 2031, with settlement scheduled for July 2, 2026, subject to customary closing conditions. Its offering materials also referred to an effective shelf registration statement on file with the Securities and Exchange Commission, placing the transaction within the SEC disclosure framework for registered securities offerings. Solicitors and barristers advising on cross-border securities should read the transaction as a reminder of the need to align market announcements, underwriting arrangements, prospectus language and risk factor disclosure. UK practitioners working with US counsel on NYSE issuers must be alert to how shareholder dilution, over-allotment options, convertible debt terms and use-of-proceeds wording are presented across public releases and regulatory filings. In-house counsel at listed companies will see why legal teams need early control over finance, tax, investor relations and board disclosure workstreams. Pricing a common stock offering at the same time as convertible notes and broader refinancing arrangements increases the need for consistent documents, careful internal approvals and a clear record of who reviewed each public statement before release. Latham’s mandate also points to where energy-sector capital markets work is moving: not just share issuance, but linked refinancing, tax structuring and SEC disclosure judgment around operational and capital needs. Sable Offshore shows why capital markets teams in Houston, New York and London need to bring securities advice, tax input and sector knowledge together quickly when equity and convertible debt are priced on the same timetable. Legal practitioners should watch whether more NYSE-listed energy companies use the same mix of common stock and convertible notes, and how underwriters, investors and regulators respond to disclosure on financing conditions, dilution, operational risk and future capital requirements.