SBM Offshore Announces A Lease And Operation Agreement For The FPSO Sepetiba With Its Longtime Partners Mitsubishi Corporation And Nippon Yusen Kabushiki Kaisha
Following the announcement on December 11, 2019, regarding the signing of the FPSO Sepetiba contract, SBM Offshore is pleased to announce that it has entered into a shareholders’ agreement with its longtime business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the sale of a 35.5% stake in the special purpose companies related to the lease and operation of the FPSO Sepetiba.
MC acquired 20% and NYK acquired 15.5% of the stake in the companies. SBM Offshore is the operator and majority shareholder with the remaining 64.5% shareholding.
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The FPSO Sepetiba is currently under construction. The FPSO will be deployed in the Mero field, offshore in the Santos Basin, Brazil, 180 kilometers from Rio de Janeiro, under a lease and operation contract of 22.5 years with Petróleo Brasileiro S.A. (Petrobras). The delivery of the FPSO is expected in 2022.
The financial effects of this sale were anticipated in SBM Offshore’s guidance for the full year of 2019, provided in the Third Quarter Trading Update this year.
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Corporate Profile
SBM Offshore is a market leader in floating production systems and has multiple units currently in operation.
The Group companies employ approximately 4,350 people worldwide, including about 650 contractors, who are spread across offices in key markets, operational support bases, and an offshore fleet. The Group companies employ an additional 400 people, working for joint ventures with two construction shipyards.
The companies in which SBM Offshore N.V. holds investments directly and indirectly are separate entities. In this communication, “SBM Offshore” is sometimes used for convenience, where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.

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