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Dutch floating production storage and offloading (FPSO) vessel operator SBM Offshore has closed a $600m bridge loan facility for the financing of the construction of FPSO Sepetiba.

The FPSO operator said that the loan was secured by the special purpose company owning Sepetiba and agreed with a consortium comprising four international banks.

SBM Offshore holds a 64.5% equity ownership and is the majority owner of this special purpose company, alongside Mitsubishi Corporation (20%) and Nippon Yusen Kabushiki Kaisha (15.5%).

The loan will be drawn this month to finance the FPSO Sepetiba construction, which is currently underway.

Capable of producing 180,000bpd of oil, the FPSO will also have a water injection capacity of 250,000bpd and associated gas treatment capacity of 12 standard cubic metres (scm) a day.

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By GlobalData

SBM Offshore Group Treasurer Bert-Jaap Dijkstra said: “The successful closure of this bridge facility demonstrates the robustness of our financing model, as well as the strength of SBM Offshore’s long-standing relationships with our banks.

“As the facility is arranged at the level of the special purpose vehicle, it represents a financing tool, which enables SBM Offshore and partners to optimise the financing of major projects. Further, this bridge facility improves SBM Offshore’s liquidity position at a competitive rate.”

In May, SBM slightly reduced its 2020 guidance due to market uncertainty as a result of the coronavirus pandemic and low oil prices.

In January, SBM Offshore’s first Fast4Ward hull has arrived at the Keppel yard in Singapore.

In December 2019, SBM Offshore agreed to divest a 35.5% stake in the special purpose companies regarding the FPSO Sepetiba project.