Multinational SBM Offshore Secures Billion-Dollar Financing for Brazil's Largest FPSO

Multinational SBM Offshore Secures Billion-Dollar Financing for Brazil’s Largest FPSO

Written by Flavia Marinho

Published on 30/09/2021 at 11:27

FPSO Almirante Tamandaré – a maior plataforma de petróleo do Brasil – Petrobras / Imagem SBM Ofsshore

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The Largest FPSO In Brazil Will Be Installed In The Búzios Field, In The Pre-Salt Of The Santos Basin. The Contract Signed Between SBM Offshore And Petrobras Is For 26 Years

The multinational oil company SBM Offshore announced last week that it secured a billion-dollar bridge loan of US$ 635 million to finance the construction of the FPSO Almirante Tamandaré, which will be installed in the Búzios field, in the pre-salt of the Santos Basin. The platform will be the largest production unit in Brazil, with the capacity to process 225,000 barrels of oil and 12 million cubic meters of natural gas per day.

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“The operation [of the loan] was secured by the special purpose vehicle that will own the FPSO Almirante Tamandaré. Currently, SBM Offshore is the sole owner of this special purpose vehicle. Discussions about the sale of 45% of the equity stake to partners continue to progress,” said SBM in a statement.

According to SBM, the credit will be fully drawn in the coming days to finance the ongoing works of the FPSO. The term of the bridge loan will be twelve months, with the option for an extension of another six months. The expectation is that the repayment will occur after the closing and the first draw of the project loan.

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The Largest FPSO In Brazil Will Be Installed In The Búzios Field, In The Pre-Salt Of The Santos Basin

The FPSO Almirante Tamandaré will be installed in the Búzios field, in the pre-salt of the Santos Basin. The unit will be the largest platform for oil and gas production ever installed in Brazil, with a production capacity of 225,000 barrels per day of oil and 12 million m³ per day of natural gas. Its entry into operation is expected in the second half of 2024.

The charter contract for the FPSO for 26 years was signed between SBM Offshore and Petrobras at the end of July. In September 2020, Petrobras informed that the decision to contract directly with SBM was the result of analyses indicating that the company is the only one capable of meeting the technical, operational, and availability requirements of the company.

Multinational SBM Offshore Secures Billion-Dollar Financing for Brazil’s Largest FPSO

The Largest FPSO In Brazil Will Be Installed In The Búzios Field, In The Pre-Salt Of The Santos Basin. The Contract Signed Between SBM Offshore And Petrobras Is For 26 Years

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Multinational SBM Offshore Secures Billion-Dollar Financing for Brazil’s Largest FPSO

The Largest FPSO In Brazil Will Be Installed In The Búzios Field, In The Pre-Salt Of The Santos Basin. The Contract Signed Between SBM Offshore And Petrobras Is For 26 Years

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Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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