[Brazil] Mero-2 - FPSO Sepetiba

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escveritas
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[Brazil] Mero-2 - FPSO Sepetiba

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SBM Offshore awarded Letter of Intent for FPSO Mero 2 lease and operate contracts by Petrobras
June 11, 2019

SBM Offshore is pleased to announce that it has signed a Letter of Intent (LOI) together with Petróleo Brasileiro S.A. (Petrobras) for a 22.5 years lease and operate of FPSO Mero 2, to be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometers 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 percent, Shell with 20 percent, Total with 20 percent, CNODC with 10 percent and CNOOC Limited with 10 percent interest. The Consortium also has the participation of the state-owned company Pré-Sal Petróleo SA (PPSA) as manager of the Production Sharing Contract.

SBM Offshore will design and construct the FPSO Mero 2 using its industry leading Fast4WardTM program as it incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules. This means that two out of three Fast4WardTM hulls currently under construction have now formally been allocated to projects.

The FPSO will be designed to produce 180,000 barrels of oil per day. Furthermore the FPSO will have a water injection capacity of 250,000 barrels per day, associated gas treatment capacity of 12 million standard cubic meters per day and a minimum storage capacity of 1.4 million barrels of crude oil. The weight of the FPSO topside modules will be around 33,000 tons. The FPSO will be spread moored in approximately 2,000 meters water depth. Delivery of the FPSO is expected in 2022.

Bruno Chabas, CEO of SBM Offshore commented:

“The signing of this Letter of Intent demonstrates again that SBM Offshore has started a new era of growth. Not only does this award represent the Company’s re-entry in Brazil, one of the most important markets for the Company with one of our key customers, it also re-confirms the competitiveness of our Fast4WardTM concept while expanding its geographical reach.”

Eduardo Chamusca, Country Manager Brazil of SBM Offshore commented:

“We at SBM Offshore Brazil are very excited with the winning of this important project. We see this as the start of a new growth phase in one of SBM Offshore’s home markets, supported by around one third of SBM Offshore’s global manpower in Brazil. The FPSO Mero 2 represents a new generation of complex pre-salt FPSOs and as such is extending our significant experience base and track record in country. The team in Brazil is ready to support flawless execution of this project and ensure reliable operations for its lease period thereafter. Energy. Committed!”
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Re: [Brazil] Mero-2 (FPSO Sepetiba)

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SBM Offshore completes US$600 million bridge loan for FPSO Sepetiba
July 1, 2020

SBM Offshore is pleased to announce the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba.

The facility was secured by the special purpose company owning FPSO Sepetiba and was agreed with a consortium of four international banks. SBM Offshore is majority owner of this special purpose company (with 64.5% equity ownership), together with Mitsubishi Corporation (20%) and Nippon Yusen Kabushiki Kaisha (15.5%).

The facility will be drawn in July 2020 to finance the ongoing construction of the FPSO Sepetiba. The tenor of the bridge loan is six months with an extension option for another six months. The facility benefits from sponsor guarantees, which are to be released upon repayment. Repayment is expected to take place upon closure and first drawdown of the project loan which continues to progress. The facility’s weighted average interest margin is in line with the expected margin of SBM Offshore’s existing US$1 billion revolving credit facility for the second half of 2020.

Bert-Jaap Dijkstra, Group Treasurer of SBM Offshore, commented:

“The successful closure of this bridge facility demonstrates the robustness of our financing model as well as the strength of SBM Offshore’s long-standing relationships with our banks. As the facility is arranged at the level of the special purpose vehicle, it represents a financing tool which enables SBM Offshore and partners to optimize the financing of major projects. Further, this bridge facility improves SBM Offshore’s liquidity position at a competitive rate.”
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Re: [Brazil] Fast4Ward Hull#2 (MPF2) delivered by SWS

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Image
A picture released by China SWS shipyard, showing the hull of MPF2, being launched and destined for future FPSO Sepetiba

On August 31, the world proprietary generic Fast4Ward® MPF2 built by SWS, a subsidiary under CSSC, was delivered to SBM OFFSHORE in the Netherlands, indicating that the star ship-type in the international offshore equipment market has successfully realized continuous construction and delivery in SWS.

The MPF2 was started to be built in January 2019. The ship followed SBM’s proprietary generic hull design concept, similar to the first ship. The basic scheme is an FPSO with a crude oil storage capacity of 2.3 million barrels, with internal turret, external turret, and multi-point mooring systems, satisfying the marine environmental conditions in West Africa, South America, and other areas, and suitable for oil and gas development operation in many sea areas of the world.

As the largest FPSO operator in the world, SBM, the excellent partner of CSSC and SWS, has an important position and international influence in the field of international offshore oil and gas. Both sides take Fast4Ward® MPF series project as the carrier to establish a good cooperation relationship with rich fruits. The first ship of the project has been successfully delivered in December 2019, and the third ship is under intense and orderly construction. The Fast4Ward® MPF has become the first-class product and brand ship-type of SWS.

Although the outbreak of novel coronavirus pneumonia has brought a great challenge for the project, SWS and SBM always support and coordinate with each other to jointly promote the management capability optimization in the project, and push the quality improvement of shipbuilding. According to the plan, the ship will leave Shanghai for the target sea area recently after delivery.

After more than 20 years of development, SWS has become leading enterprise in China in the field of design and building of offshore equipment. From December 2019 to August 2020, SWS has continuously delivered a CJ46 offshore jack-up drilling rig, two JU2000E offshore jack-up drilling rigs, three CJ50 offshore jack-up drilling rigs, four platform supply vessels, and two Fast4Ward® FPSOs, which provide comprehensive and systematic offshore equipment solutions, showing the strong strength of offshore equipment design and construction, and continuing to lead the development trend of global offshore equipment.
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Re: [Brazil] Mero-2 (FPSO Sepetiba)

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SBM Offshore completes US$1.6 billion financing of Sepetiba

SBM Offshore is pleased to announce it has completed the project financing of FPSO Sepetiba for a total of US$1.6 billion, which is the largest project financing in the Company’s history.

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 fourteen-year post-completion maturity for the ECA covered tranches and a fifteen-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 barrels of oil per day, a water injection capacity of 250,000 barrels per day, associated gas treatment capacity of 12 million standard cubic meters per day and a minimum storage capacity of 1.4 million barrels of crude oil. The FPSO will be spread moored in approximately 2,000 meters water depth.

FPSO Sepetiba will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometers 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 percent, Shell Brasil with 20 percent, TotalEnergies with 20 percent, CNODC with 10 percent and CNOOC Limited with 10 percent 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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Re: [Brazil] Mero-2 - FPSO Sepetiba

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16 June 2023

Mero2 FPSO Sepetiba, one of the largest FPSOs in the world today, set sail smoothly

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At one o'clock in the morning on June 16, 2023, the tugboats in charge of towing the Mero2 FPSO Sepetiba arrived at Bomeike Lingang No. 1 pier one after another. At seven o'clock, all members of the navigator team boarded the ship smoothly. At eight o'clock, Mero2 FPSO Sepetiba completed all unmooring and sailed smoothly! Mr. Peng Wencheng, chairman and president of BOMECO, and the senior management team, representatives of the owner of SBM, representatives of the owner of PETROBRAS and members of the project team witnessed this milestone moment.

The "SEPETIBA" FPSO is 333 meters long, 64 meters high, and 60 meters wide. The main deck area is about 3.5 standard football fields, the oil storage capacity is 2 million barrels, and the maximum displacement is 450,000 tons. It will berth about 2,000 meters off the coast of Brazil. meters of waters. This is also the first super-large FPSO successfully delivered and directly exported by Tianjin Port as a major industrial center in the north.

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As the general contractor, BOMECO is mainly responsible for the construction of the superstructure module, hull integration, final assembly and commissioning of the project. Faced with the influence of multiple factors such as long supply cycle of imported equipment and materials, price changes, and epidemic situation, Bomeike insists on being customer-oriented, constantly challenging itself with the spirit of never yielding and daring to fight, and constantly improving construction technology skills for the ultimate Contribute to delivery. In the process of project construction, Bomeike and customers always adhere to the concept of win-win cooperation, jointly deal with challenges and actively discuss solutions. Through the unremitting efforts of the project team, the progress of the project was steadily implemented and the delivery was completed on schedule.

The successful delivery of the "FPSO SEPETIBA" project has greatly encouraged BOMECO's determination to build a world-class quality FPSO. It has achieved the company's planning goal of "improving quality and efficiency and advancing to high-end", which is of great significance to assist the development of Tianjin's marine engineering industry and build a high-quality city.

In the future, with the support and help of our customers and partners, Bomeike will continue to adhere to the principles of safety first, quality first, and on-time delivery, maintain the original intention with craftsmanship, build a brand with quality, win the market with reputation, and win the market with reputation. Safety and quality win the respect of customers, realize the great plan of a century of development, and occupy the top of the deep blue market!
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Re: [Brazil] Mero-2 - FPSO Sepetiba

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