Monday, October 25, 2021

SBM Offshore Completes US $ 1.6 Billion FPSO Financing

Must Read

The vessel has a processing capacity of up to 180,000 barrels per day of oil, a water injection capacity of 250,000 bpd, associated gas treatment capacity of 12 million cubic metres per day and a minimum storage capacity of 1.4 million barrels of crude. The Sepetiba FPSO is owned and operated by a special purpose company owned by affiliated companies of SBM with 64.5% and its partners with 35.5%.

The Mero partners are Shell, TotalEnergies, China National Oil & Gas Exploration & Development Corporation and CNOOC Ltd and the consortium also has the participation of the state-owned company Pre-Sal Petroleo as manager of the production sharing contract, noted SBM.

The FPSO will be spread moored in a water depth of approximately 2000 metres at Petrobras’ Mero field on the Libra block offshore Brazil.

The project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies: Nippon Export and Investment Insurance and SACE.

A letter of intent was received from China Export & Credit Insurance Corporation (Sinosure), which intends to join this transaction by the end of the year and will replace a portion of the commercial banks’ commitments.

The facility is composed of four separate tranches with a 4.3% weighted average cost of debt, a 14-year post-completion maturity for the ECA-covered tranches and a 15-year post-completion maturity on the uncovered tranches.

News Highlights Business

  • SBM Offshore Completes US $ 1.6 Billion FPSO Financing
  • Check all news and articles from the Business news updates.
Disclaimer: If you need to update/edit this article then please visit our help center. For Latest Updates Follow us on Google News

More Articles Like This

Latest News