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SBM Offshore Pays $150 Million for Constellation’s Stake in Five FPSOs

Written by Paulo Nogueira
Published on 18/10/2019 at 07:58
Updated on 18/10/2019 at 08:40
SBM OFFSHORE BRASIL FPSO CONSTELLATION
Os FPSOs gêmeos da SBM Offshore passam na Baía de Guanabara quando a Cidade de Maricá parte e a Cidade de Saquarema chega ao estaleiro da Brasa em dezembro de 2015 / fonte da imagem: SBM Offshore
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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%).

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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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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