EuropeFinance and InsuranceOffshore

SBM Offshore completes its largest project financing

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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