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Dutch FPSO supplier SBM Offshore completed the acquisition of Constellation shares in five Brazilian FPSOs this Friday
SBM Offshore was selected as the winner of the public auction for equity stakes in five FPSOs in October. With the acquisition, SBM Offshore bought minority stakes held by Constellation in entities related to the City of Paraty (20%), City of Ilhabela (12,75%), City of Marica (5%), City of Saquarema (5%) and FPSOs Capixaba (20%).
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SBM Offshore was already the majority shareholder of the related entities and the operator of these FPSOs prior to completion of the transaction. SBM said on Friday that it paid the full cash consideration of $149 million upon completion of the transaction. According to the company, the completion of the transaction concludes a long-term partnership between the companies created in 2004. It is worth noting that Brazil is SBM Offshore's largest market. At the end of 2018, the company had 13 FPSOs in total, seven of which were FPSOs deployed in Brazil.
