[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 signs FPSO Sepetiba contracts

December 11, 2019

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SBM Offshore is pleased to announce it has signed contracts with Petróleo Brasileiro S.A. (Petrobras) for the 22.5 years lease and operation of FPSO Sepetiba (formerly known as Mero 2). These contracts follow the signing of the binding Letter of Intent (LOI) as announced on June 11, 2019.

FPSO Sepetiba will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometers offshore Rio de Janeiro. SBM Offshore is progressing with the design and construction using its industry leading Fast4Ward® program as it incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules. Delivery of the FPSO is expected in 2022.

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.
escveritas
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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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