SBM Offshore Was The Winning Bidder And Will Now Have A Stake In The Units Cidade de Paraty, Cidade de Ilhabela, Cidade de Marica, Cidade de Saquarema And Capixaba
The news follows the September 30 announcement from SBM Offshore that it would participate in five Brazilian FPSOs put up for sale by offshore service provider Constellation, previously known as Queiroz Galvão Óleo e Gás S.A.
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SBM Offshore was targeting minority stakes in Constellation’s units related to the following FPSOs: Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%) and Capixaba (20%).
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SBM said on Friday that it successfully won its bid, adding that the completion of the transaction is still subject, among other things, to the consent of the client Petrobras and approval from the Administrative Council for Economic Defense (CADE).
SBM Offshore stated that the total consideration for the equity stake, excluding associated non-recourse project debt, is approximately US $150 million. SBM Offshore is already the majority shareholder of the related entities and the operator of these FPSOs.
Brazil is SBM Offshore’s largest market. At the end of 2018, the company had a total of 13 FPSOs, seven of which were deployed in Brazil.

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