Netherlands-based SBM Offshore has completed the USD1.55 billion financing of the FPSO Cidade de Saquarema – the largest project financing ever organised by the group.
The new financing package, which involves loans from 16 international banks and insurance cover from four export credit agencies, follows the USD1.45 billion financing concluded in July last year for the Cidade de Saquarema’s sister FPSO, Cidade de Marica.
Both FPSOs are destined to go into service on the Lula field in Brazil’s pre-salt offshore province. The BM-S-11 block, in which the Lula field is situated, is under concession to a consortium comprising Petrobras (65%), BG E&P Brasil (25%), and Petrogal Brasil (10%).
SBM Offshore declined to give details regarding the current status and projected delivery date of the Cidade de Saquarema, telling IHS Maritime that it was obliged to remain silent about its business activities ahead of its first-half earnings statement next Wednesday.
It is understood, however, that the Cidade de Marica and the Cidade de Saquarema are due for delivery respectively this year and next.
Work is being carried out simultaneously on both FPSOs at the Niteroi/Rio-based Brasa shipyard in Brazil, in which SBM Offshore has a 50% stake.
Cidade de Saquarema is owned by a joint venture in which SBM Offshore and its affiliates have a 56% majority holding alongside Mitsubishi Corporation (20%), Nippon Yusen Kabushiki Kaisha (19%), and Queiroz Galvao Oleo e Gas (5%).
It will have a processing capacity of up to 150,000 barrels of crude oil and 6 billion cubic metres of gas per day and storage capacity of approximately 1.6 million barrels of crude oil. The joint venture will operate the vessel on a 20-year charter to Tupi BV.