SBM Offshore Secures $1.63B Financing for Brazil's 'Largest' Oil Producing Unit

©An illustration of a Fast4Ward FPSO - The image doesn't reflect the final look of the FPSO Almirante Tamandaré / Copyright ©SBM Offshore
©An illustration of a Fast4Ward FPSO - The image doesn't reflect the final look of the FPSO Almirante Tamandaré / Copyright ©SBM Offshore

Dutch FPSO leasing firm SBM Offshore has signed the project financing of FPSO Almirante Tamandaré for a total of  $1.63 billion.

The Dutch company in July 2021 signed contracts with Brazil's Petrobras for the 26.25 years lease and operation of FPSO Almirante Tamandaré.

The  $1.63 billion project financing is provided by a consortium of 13 international banks with insurance cover from 4 international Export Credit Agencies (ECA). The financing comprises five separate facilities with a ca. 6.3% weighted average cost of debt and a 14-year post-completion maturity for both the ECA covered facilities and the uncovered facility.

The FPSO's design incorporates SBM Offshore's Fast4Ward new build, multi-purpose hull. 

Under the Fast4Ward program, SBM Offshore usually orders an FPSO hull without a firm contract in hand, so that, when a contract is secured, the FPSO delivery time is shorter. The hull that has been allocated for the FPSO Almirante Tamandaré was ordered in China in December 2019.

According to SBM Offshore, the Almirante Tamandaré FPSO will be the largest oil producing oil unit in Brazil, with a processing capacity of 225,000 barrels of oil and 12 million m3 of gas per day. 

"The FPSO will have an estimated greenhouse gas (GHG) mission intensity below 10 kgCO2e/boe and will benefit from emission reduction technologies such as the closed flare technology which increases gas utilization, preventing it from being burnt into the atmosphere," SBM Offshore said .

FPSO Almirante Tamandaré is owned and operated by a special purpose company owned by affiliated companies of SBM Offshore (55%) and its partners (45%). The FPSO will be deployed at the Búzios field in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro in Brazil. Petrobras is operating the Búzios field in partnership with CNODC and CNOOC.


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