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.