Dutch floater expert SBM Offshore has completed the acquisition of shares in the lease and operating entities related to three FPSOs from Sonangol while at the same time divesting its stake in the Paenal shipyard to a Sonangol subsidiary.
Through these transactions, SBM Offshore is reorganizing its business in Angola, focusing on core lease and operation activities and divesting a non-core construction yard.
As a result, the Dutch firm now fully owns the FPSO Saxi Batuque and FPSO Mondo as well as 80% of the entity owning FPSO N’Goma.
SBM Offshore also signed an MoU with its minority partner in the FPSO N’Goma, Angola Offshore Services Limited. The company wishes to purchase 20% of SBM Offshore’s shareholding in the entity owning the FPSO. This is conditional on the signature of a share purchase agreement and several other conditions.
As for the FPSOs, Saxi Batuque is deployed in its namesake field off Angola as part of the Kizomba C project operated by ExxonMobil. The vessel is capable of processing 100,000 barrels of oil per day with a storage capacity of 1.6m barrels of oil.
The FPSO Mondo is currently located on the Mondo field. Production started in January 2008 and is currently averaging approximately 65,000 barrels per day. ExxonMobil is the operator of this field as well.
The N’Goma FPSO has been working for Eni off Angola since 2014. The vessel has 100,000 bpd of oil processing capacity, 115 mmscf/d of gas handling capacity, and a water injection capacity of 120,000 bpd.
The total net consideration paid for the equity ownership of the acquired entities by SBM Offshore, including the sale of the parent company of the Paenal shipyard is approximately $40m.
Porto Amboim Estaleiros Navais or Paenal for short is a joint venture between Sonangol, SBM Offshore, and Daewoo Shipbuilding & Marine Engineering. The company was formed in 2007 and since has produced FPSOs, vessels, and offshore infrastructure for major energy players such as TotalEnergies, Eni, BP, and TechnipFMC.
Before the transaction, Sonangol held 40% in the shipyard while SBM and DSME held 30% each. Now, Sonangol’s stake increases to 70% and DSME retains its 30% interest.
