SBM Offshore completes financing of FPSO Sepetiba
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
The project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE S.p.A. A letter of intent was received from China Export & Credit Insurance Corporation (Sinosure) which intends to join this transaction by the end of the year and will replace a portion of the commercial banks’ commitments.
The facility is composed of four separate tranches with a 4.3% weighted average cost of debt, a 14-year post-completion maturity for the ECA covered tranches and a 15-year post-completion maturity on the uncovered tranches.
FPSO Sepetiba is owned and operated by a special purpose company owned by affiliated companies of SBM Offshore (64.5%) and its partners (35.5%). The vessel has a processing capacity of up to 180 000 bpd, a water injection capacity of 250 000 bpd, associated gas treatment capacity of 12 million standard m3/d and a minimum storage capacity of 1.4 million bbl of crude oil. The FPSO will be spread moored in approximately 2000 m water depth.
FPSO Sepetiba will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 km offshore Rio de Janeiro. The Libra block, where the Mero field is located, is under Production Sharing Agreement to a consortium comprised of Petrobras, as the operator, with 40%, Shell Brasil with 20%, TotalEnergies with 20%, CNODC with 10% and CNOOC Limited with 10% interest. The consortium also has the participation of the state-owned company Pré-Sal Petróleo SA (PPSA), as manager of the Production Sharing Contract.
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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/16092021/sbm-offshore-completes-financing-of-fpso-sepetiba/
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