SBM Offshore sells Turritella stake

July 15, 2015

SBM Offshore has divested a 45% stake in the FPSO Turritella to Mitsubishi Corp. (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line).

MC purchased 30% stake and NYK Line purchased 15% stake in the joint venture companies incorporated for the purpose of owning and operating the vessel. SBM Offshore, MC and NYK Line are also partners in other joint venture companies incorporated for the purpose of owning and operating FPSOs such as Cidade de Maricá and Cidade de Saquarema. The announcement further cements this long standing cooperation, SBM said in a statement on Wednesday.

The partners’ cash contribution to the Turritella joint venture companies is expected to total approximately US$590 million with the first milestone payment of $446 million already received. Future milestone payments will follow the stages of completion of the project.

The FPSO is a generation 2 design with a processing facility capacity of 60,000 bo/d and 15 MMscf/d of gas treatment and export.  No water injection facilities are specified.  The Suezmax hull will be able to store 800,000 bbl of crude oil and total topsides weight will reach 6350-tonne.

FPSO Turritella is currently under construction in Singapore and is expected to be delivered and on-hire in 1H 2016.

The system is being developed for Shell's Stones development in the US Gulf of Mexico.

SBM Offshore spoke about the FPSO in the September 2014 issue of OE, saying that the FPSO Turritella marks SBM Offshore’s first move into the region. The FPSO is due to start operations in 2016, and it will be the deepest production unit in the world at 2900m. The Turritella also includes the first disconnectable turret with steel lazy-wave risers. As a consequence of the combination of water depth and steel risers, the buoy has the biggest displacement to date. For this turret, SBM Offshore developed and qualified several new components related to the buoy pull-in and latching systems, as well as a new design for the massive buoy.

Image: Turritella / SBM Offshore

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