SBM Offshore-led Turritella joint venture (JV) has secured $800m to finance floating production, storage and offloading (FPSO) vessel Turritella.

A consortium of 12 international banks provided financing for the project, with an average cost of debt of 3.5% over the ten year post-completion maturity.

The JV has secured project financing on all finance lease projects that are currently under construction.

"The generation 2 design Turritella has a processing capacity of up to 60,000 barrels of oil per day."

The vessel is owned and operated for an initial contract period of ten years by affiliated companies comprising SBM Offshore (55%), Mitsubishi (30%) and Nippon Yusen Kabushiki Kaisha (15%). The contract can also be extended for up to a total of 20 years, subject to terms and conditions.

The generation 2 design Turritella has a processing capacity of up to 60,000 barrels of oil per day and 15Mmscf/d of gas treatment and export.

FPSO Turritella will be deployed on the Stones development project in the Gulf of Mexico.

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The FPSO is located in 2,896m of water, 320km offshore Louisiana in the Walker Ridge area.

SBM Offshore signed an agreement July 2015 with Mitsubishi and Nippon Yusen Kabushiki Kaisha for the acquisition of a stake in the JV companies that were incorporated to own and operate the FPSO.

The partners’ cash contribution to the Turritella JV companies totalled around $590m.