SBM Offshore has completed the project financing of FPSO Cidade de Saquarema for a total of $1.55bn, the largest project financing in the company’s history.
Project financing was secured by a consortium of 16 international banks with insurance cover from four export credit agencies.
The facility is composed of three separate tranches with a 5.1% weighted average cost of debt and 14-year post-completion maturity:
FPSO Cidade de Saquarema is owned and operated by a joint venture owned by affiliated companies of SBM Offshore (56%), Mitsubishi Corporation (20%), Nippon Yusen Kaisha (19%), and Queiroz Galvão Óleo e Gás (5%). The vessel has processing capacity of up to 150,000 barrels of crude oil and 6m cu m of gas per day, and storage capacity of approximately 1.6m barrels of crude oil. The joint venture will own and operate the vessel on a 20-year charter service for Tupi.