SBM Offshore is pleased to announce it has completed the project financing of FPSO Sepetiba for a total of US$1.6 billion, which is the largest project financing in the Company’s history.
Project financing
The project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE S.p.A.
A letter of intent was received from China Export & Credit Insurance Corporation (Sinosure) which intends to join this transaction by the end of 2021 and will replace a portion of the commercial banks’ commitments.
FPSO Sepetiba
The facility is composed of four separate tranches with a 4.3% weighted average cost of debt, a fourteen-year post-completion maturity for the ECA-covered tranches, and a fifteen-year post-completion maturity on the uncovered tranches.
The FPSO will be spread-moored in approximately 2,000 metres of water depth
FPSO Sepetiba is owned and operated by a special purpose company owned by affiliated companies of SBM Offshore (64.5%) and its partners (35.5%).
The vessel has a processing capacity of up to 180,000 barrels of oil per day, a water injection capacity of 250,000 barrels per day, an associated gas treatment capacity of 12 million standard cubic metres per day, and a minimum storage capacity of 1.4 million barrels of crude oil. The FPSO will be spread-moored in approximately 2,000 metres of water depth.
Production Sharing Agreement
FPSO Sepetiba will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometres offshore of Rio de Janeiro. The Libra block, where the Mero field is located, is under a Production Sharing Agreement to a Consortium comprised of Petrobras, as the Operator, with 40 percent, Shell Brasil at 20 percent, TotalEnergies at 20 percent, CNODC at 10 percent and CNOOC Limited with 10 percent interest.
The Consortium also has the participation of the state-owned company Pré-Sal Petróleo SA (PPSA), as manager of the Production Sharing Contract.