SBM Offshore announced that it has finalized the financing of the floating production, storage and offloading (FPSO) vessel Sepetiba for a total amount of $ 1.6 billion.
The company, which noted that this was the largest project finance in its history, said the funds were guaranteed by a consortium of 13 international banks with insurance coverage from credit bureaus to the export (ECA): Nippon Export and Investment Insurance (NEXI) and SACE SpA. SBM Offshore also pointed out that China Export & Credit Insurance Corporation (Sinosure) intends to join the transaction 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, pointed out SBM Offshore.
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 vessel has a processing capacity of up to 180,000 barrels of oil per day, a water injection capacity of 250,000 barrels per day, an associated gas processing capacity of 12 million standard cubic meters per day and a minimum storage capacity of 1.4 million barrels of crude oil. , according to SBM Offshore.
The FPSO will be deployed to the Mero field in the Santos Basin off Brazil, 111 miles off Rio de Janeiro. The Libra block, where the Mero field is located, is subject to a production-sharing agreement with a consortium made up of Petrobras, which has a 40 percent operated stake, Shell Brasil, which has a 20 percent stake. percent, TotalEnergies, which also owns a 20 percent stake. stake, CNODC, which owns 10 percent interest, and CNOOC Limited, which holds the remaining 10 percent. The consortium also has the participation of the public company Pré-Sal Petróleo SA (PPSA), as manager of the production sharing contract.
In July of last year, SBM Offshore announced the closure of a $ 600 million bridge loan to finance the construction of the FPSO Sepetiba. The facility was guaranteed by the ad hoc company that owns the FPSO and was agreed with a consortium of four international banks.
In December 2019, SBM Offshore disclosed that it had entered into a shareholders’ agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha regarding the sale of a 35.5% stake in special purpose companies related to the rental and operation of FPSO Sepetiba. In the same month, the company announced that it had signed contracts with Petrobras for the 22.5-year lease and operation of the FPSO, formerly known as Mero 2. The contracts follow the signing. of the binding letter of intent, which was announced in June. 11, 2019.
SBM Offshore focuses on the design, supply, installation, operation and maintenance of FPSO vessels. As of December 31, 2020, the company employed approximately 4,570 people worldwide, spread across offices in key markets, onshore operational bases and offshore fleet.
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