Dutch FPSO specialist SBM Offshore has finalized the financing of the floating production, storage and offloading unit (FPSO) project Sepetiba for a total of $ 1.6 billion, the largest project funding in the company’s history.
The financing was guaranteed by a consortium of 13 international banks with insurance coverage from the Export Credit Agencies (ECA) Nippon Export and Investment Insurance in Japan and SACE in Italy. A letter of intent has also been received from China Export & Credit Insurance Corporation (Sinosure) which intends to join this operation by the end of the year and will replace part of the commitments of commercial banks.
The facility is composed of four distinct tranches with a weighted average cost of debt of 4.3%, a post-completion maturity of fourteen years for the tranches covered by the ECA and a post-completion maturity of fifteen years for the tranches. not covered.
FPSO Sepetiba is owned and operated by a special purpose company owned by affiliates of SBM Offshore 64.5% and its partners 35.5%. The ship will be deployed in the Mero field in the Santos basin off Brazil, 180 km off Rio de Janeiro. The Libra block, where the Mero field is located, is the subject of a production sharing agreement with a consortium made up of Petrobras, as operator, with 40%, Shell and TotalEnergies 20%, CNODC 10% and CNOOC with 10% interest.