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SBM Offshore sells 45% stake in Turritella project

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Oilfield Technology,

SBM Offshore has sold a combined stake of 45% in the floating production storage and offloading vessel FPSO Turritella to Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) in a recent agreement with the companies. Of the 45% share, Mitsubishi Corporation has acquired a 30% stake and NYK Line has a 15% share in the joint venture companies incorporated for the purpose of owning and operating FPSO Turritella.

The partners’ contribution to the Turritella joint venture companies is expected to total approximately US$590 million and the first payment of US$446 million has been received by SBM Offshore.

FPSO Turritella project

The FPSO adopts a typical Generation 2 design with a processing facility capacity of 60 000 bpd of oil and 15 million ft3/d of gas treatment and export. The converted Suezmax hull will be able to store 800 000 bbls of crude oil and total topsides weight will reach 7000 t.

The FPSO Turritella is under construction for the Stones development project in the Gulf of Mexico. In July 2013, SBM Offshore signed contracts with Shell Offshore Inc. to supply and lease the FPSO for the development. FPSO Turritella is currently under construction in Singapore and is expected to be delivered and on-hire in 1H16.

Approximately 320 km offshore Louisiana, the Stones development is located in 2896 m of water in the Walker Ridge area. When installed, Turritella will be amongst the deepest FPSO developments in the world.

Continued partnership

This recent announcement allows for the continuation of a long-standing cooperation. SBM Offshore, MC and NYK Line are partners in other joint venture companies incorporated for the purpose of owning and operating FPSOs – such as Cidade de Maricá and Cidade de Saquarema.

Adapted from press release by David Bizley

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