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SBM Offshore secures $800m FPSO financing

The Turritella joint venture, led by SBM Offshore, has secured $800m project financing for FPSO Turritella.

Financing will be provided by a consortium of twelve international banks with an average cost of debt of 3.5% over the ten year post-completion maturity.

FPSO Turritella is owned and operated by a jv owned by SBM Offshore with a 55% stake, Mitsubishi Corporation with a 30% stake and NYK Line with 15%. The FPSO has an initial contract with Shell Offshore for a period of ten years, with options up to a further 20 years, and will operate at the Stones development project in the Gulf of Mexico.

FPSO Turritella is under construction at Keppel in Singapore, and will have a processing capacity of up to 60,000 barrels of oil per day and the Suezmax hull will be able to store 800,000 barrels of crude oil.

Start-up of the facility is expected in the first half of 2016. Once installed, it will be the deepest FPSO development in the world.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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