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SBM Offshore secures $635m bridge loan for Brazil’s largest FPSO

Dutch floater specialist SBM Offshore has secured a $635 million bridge loan facility for the financing of the construction of the floating production storage and offloading (FPSO) vessel Almirante Tamandaré set for Pertobras’ Búzios field in the Santos Basin.

The facility was secured by a special purpose company that will own the FPSO and for which SBM Offshore is currently in discussions to divest 45% of the equity ownership.

The facility will be fully drawn in the coming days to finance the ongoing construction of the FPSO. The tenor of the bridge loan is twelve months with an extension option for another six months. Repayment is expected to take place upon closure and the first drawdown of the project loan.

SBM Offshore sealed a deal with Brazil’s Petrobras for the lease and operation of FPSO Almirante Tamandaré in July. The contract is set to commence in the second half of 2024 and is for a period of 26.25 years. The FPSO will be the largest oil producing unit operating offshore Brazil with a daily processing capacity of 225,000 barrels of oil and 12m cu m of gas.

Earlier this month, SBM Offshore completed the project financing of the FPSO Sepetiba for a total of $1.6bn, the largest project financing in the company’s history.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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