SBM Offshore successful bidder for partner’s minority ownership in FPSO companies

Published by Nicholas Woodroof, Editor
Oilfield Technology, Monday, 21 October 2019 10:30

Further to the announcement dated 30 September 2019 confirming its participation in the public sale auction of the equity ownership of Serviços de Petróleo Constellation S.A. (Constellation) in the lease and operating companies related to five Brazilian FPSOs (the entities), SBM Offshore confirms it has been formally designated as the successful bidder. Completion of the transaction remains subject to various conditions precedent, including consent from client Petrobras and approval by the local antitrust authority CADE (Conselho Administrativo de Defesa Econômica). The total consideration for the equity ownership, excluding associated non-recourse project debt, is approximately US$150 million.

The transaction includes the minority stake held by affiliated companies of Constellation in the entities related to the following five FPSOs (with Constellation’s ownership percentage in brackets): Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%) and Capixaba (20%).

SBM Offshore is already the majority shareholder of the related entities and operator of these FPSOs.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/21102019/sbm-offshore-successful-bidder-for-partners-minority-ownership-in-fpso-companies/

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