Dutch floating production storage and offloading (FPSO) operator SBM Offshore has agreed to divest a 35.5% stake in the special purpose companies with respect to the FPSO Sepetiba project.

The company’s partners involved in the shareholder agreement are Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK). SBM Offshore mentioned that Mitsubishi acquired 20%, while NYK purchased 15.5% ownership interest in the special purpose companies.

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The latest announcement comes after the company signed contracts with Brazilian state-owned oil company Petrobras for the 22.5 years lease and operation of FPSO Sepetiba (earlier known as Mero 2). These contracts follow the signing of the binding Letter of Intent (LOI) with Petrobras in June 2019.

SBM Offshore noted that the FPSO, which is located in the Libra block and 180km offshore Rio de Janeiro, will be deployed at the Mero field in the Santos Basin offshore Brazil. The company will construct the FPSO Mero 2 vessel leveraging its Fast4Ward programme, which combines the company’s new build, multi-purpose hull with various standardised topsides modules.

Capable of producing 180,000 barrels of oil per day (bopd), the FPSO will also have a water injection capacity of 250,000bopd and associated gas treatment capacity of 12Sm3/d. Furthermore, the FPSO Mero 2 will be built to hold a minimum of 1.4 million barrels of crude oil.

The FPSO delivery is anticipated in 2022. According to the company, financial impact as part of this stake divestment are expected to be provided in the company’s 2019 guidance in 2019’s ‘Third Quarter Trading Update’.

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