OFFSHORE

Dutch company SBM Offshore has raised $1.55bn for its FPSO Cidade de Saquarema vessel.

The financing has been provided by a consortium of 16 international banks along with insurance cover.

Insurance cover has been secured from four Export Credit Agencies (ECA) including Nippon Export and Investment Insurance (NEXI), Servizi Assicurativi del Commercio Estero SpA (SACE), Atradius Dutch State Business (Atradius), and UK Export Finance (UKEF).

FPSO Cidade de Saquarema vessel is capable of processing up to 150,000 barrels of crude oil and six million cubic metres of gas per day.

It also has water injection capacity of 35,000m³/day and has storage capacity of 1.6 million barrels.

"This announcement culminates the successful financing of $3bn for two sister units destined for the Lula field in the pre-salt province offshore Brazil."

The vessel is operated and owned by SBM Offshore affiliated companies along with partners.

SBM Offshore and affiliated companies have a 56% stake in it, while Mitsubishi owns 20%, Nippon Yusen Kabushiki Kaisha has 19% stake, and Queiroz Galvão Óleo e Gás has 5%.

The vessel is expected to be owned and operated on a 20-year charter service for Tupi.

SBM Offshore said in statement: "Combined with the $1.45bn project financing of FPSO Cidade de Maricá (July 2014), today’s announcement culminates the successful financing of $3bn for two sister units destined for the Lula field in the pre-salt province offshore Brazil."

BM-S-11 block is owned by a consortium of Petrobras (65%), BG E&P Brasil (25%), and Petrogal Brasil (10%)."


Image: Brazilian President Lula da Silva on the launch of the P-52 oil Platform. Photo: courtesy of Wikipedia/Ricardo Stuckert/PR – Agência Brasil.