SBM is Authorized to Complete Acquisition of Constellation’s Stake in Five FPSOs in Brazil

SBM Was Already the Majority Shareholder of Related Entities and the Operator of These FPSOs and Was the Local Partner of Constellation in the Dispute for Petrobras’s FPSO Charter Contracts.

Dutch SBM Offshore received approval from Cade on Tuesday, October 22, to complete the acquisition of Constellation’s stake previously known as Queiroz Galvão Óleo e Gás SA. We at Clique Petróleo e Gás announced this Friday, the 18th, about the case, click here to understand.

There are a total of 5 FPSO vessels from Constellation operating in Brazil. The Administrative Council for Economic Defense (Cade) approved the transaction with no restrictions.

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SBM Was Already the Majority Shareholder of Related Entities and the Operator of These FPSOs and Was the Local Partner of Constellation in the Dispute for Petrobras’s FPSO Charter Contracts.

The FPSOs are Cidade de Paraty, Cidade de Ilhabela, Cidade de Marica, Cidade de Saquarema, and Capixaba. Constellation’s stake in each of the FPSOs is 20%, 12.75%, 5%, 5%, and 20%, respectively.

“For SBM, it makes sense to acquire the FPSO assets, especially considering the sensitivity of chartering, maintenance, and operation of the FPSOs and the uncertainty of having a potential joint venture partner not chosen by SBM and with whom SBM does not have a good relationship”, SBM told the Council.

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Constellation Starts Land Well Drilling in Amazonas

In the state of Amazonas, Constellation’s Drilling Rig VIII began operating its contract with Eneva for the drilling of wells in the Azulão Field. The announcement was made on the company’s social media profile on October 17.

The expectation is that 1,000 jobs will be generated in Roraima and another 1,000 jobs in Amazonas during this first phase of the project.

The company states, “For us, it is a pleasure to contribute to Eneva’s project for the development and production of gas for energy generation by the new thermal power plant of Jaguatirica II, to be installed also by Eneva, in the municipality of Boa Vista, Roraima”.