SBM Offshore completed the project financing of the Cidade de Saquarema floating production and storage offloading vessel (FPSO) for a total of US$1.55 billion, which is the largest project financing in the company’s history.
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Modules being constructed at Brasa shipyard, Brazil for twin FPSOs Cidade de Marica and Cidade de Saquarema. Image from SBM. |
Project financing was secured by a consortium of 16 international banks with insurance coverage from four export credit agencies (ECA): Atradius Dutch State Business N.V. (Atradius), Nippon Export and Investment Insurance (NEXI), Servizi Assicurativi del Commercio Estero S.p.A. (SACE) and UK Export Finance (UKEF).
The facility is composed of three separate tranches totaling US$1.55 billion with a 5.1% weighted average cost of debt and 14 year post-completion maturity.
FPSO Cidade de Saquarema is owned and operated by a joint venture owned by affiliated companies of SBM Offshore (56%), Mitsubishi Corp. (20%), Nippon Yusen Kabushiki Kaisha (19%), and Queiroz Galvão Óleo e Gás S.A. (5%). The vessel has processing capacity of up to 150,000 bbl of crude oil and 6 MMcm/d of gas, and storage capacity of approximately 1.6 MMbbl of crude oil. The joint venture will own and operate the vessel on a 20-year charter service for Tupi B.V.
Combined with the $1.45 billion project financing of the Cidade de Maricá FPSO in July 2014, this announcement culminates the successful financing of $3 billion for two sister units destined for the Lula field in the pre-salt province offshore Brazil. BM-S-11 block is under concession to a consortium comprised of Petrobras (65%), BG E&P Brasil Ltda. (25%), and Petrogal Brasil S.A. (10%).
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