SBM Offshore News
SBM Offshore is pleased to announce that it has signed a Letter of Intent (LOI) together with Petróleo Brasileiro S.A. (Petrobras) for a 26.25-year lease and operate contract for the FPSO Almirante Tamandaré, to be deployed at the Búzios field in the Santos Basin approximately 180 kilometres offshore Rio de Janeiro in Brazil. FPSO installation, and operation Under the contract, SBM Offshore is responsible for the engineering, procurement, construction, installation, and op...
SBM Offshore is pleased to announce the successful pricing of a US$850 million non-recourse senior secured notes transaction in a 144A/Reg S offering by a subsidiary company. The issuer of the notes is Guara Norte S.à r.l. (Guara Norte), which owns the FPSO Cidade de Ilhabela. SBM Offshore owns 75% of the equity in Guara Norte and the remaining 25% equity is held by Mitsubishi Corporation. Transaction details The notes are rated Ba1 (Moody’s) and BB+ (Fitch) and were priced at 99...
SBM Offshore’s first Fast4Ward® hull takes onboard topsides modules at Singapore yard. Progress picked up pace when the yards in Singapore re-opened earlier this year. The mooring and riser system integration, as well as other work scope, were completed in the dry dock at Keppel FELS. The Fast4Ward® Multi-Purpose Floater (MPF) hull has now moved to the integration quayside in Keppel TUAS, where the topside integration phase started with the progressive lifting of the to...
SBM Offshore is pleased to announce that Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Payara development project located in the Stabroek block in Guyana. Under these contracts, SBM Offshore will construct, install and then lease and operate the Prosperity FPSO for a period of up to two years, after which the FPSO ownership and operation will transfer to EEPGL. The award follows th...
For its 7th edition of the Monaco Solar & Energy Boat Challenge, the Yacht Club de Monaco went online with the event with virtual presentations made to the jury and an online prize-giving ceremony on July 8, 2020. Sustainability was at the core of the project from the SBM Offshore E-Racing Team, in terms of the lifecycle of the cockpit, the use of different materials, as well as the propulsion system, which comprises standard components that can all be reused. Reuse and recycling...
SBM Offshore is pleased to announce the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba. The facility was secured by the special purpose company owning FPSO Sepetiba and was agreed upon with a consortium of four international banks. SBM Offshore is the majority owner of this special purpose company (with 64.5% equity ownership), together with Mitsubishi Corporation (20%) and Nippon Yusen Kabushiki Kaisha (15.5%). Construction of...
SBM Offshore CEO Bruno Chabas commented: “SBM Offshore delivered a good set of results during the first quarter of 2020, in line with expectations. The Company’s results, dividend track record and completed share repurchase exemplify SBM Offshore’s robust business model. At the same time, SBM Offshore is also impacted by the combined demand and supply crises in the oil and gas market and is taking measures to evolve and adapt with the uncertain dynamic market conditions."...
As the COVID-19 pandemic continues across the globe, SBM Offshore has been adapting to this unprecedented situation, protecting its workforce and putting in place business continuity measures. SBM Offshore’s priority remains the health and safety of its staff, contractors and their families, ensuring safe operations across the Company’s activities at the same time. A dedicated task force continues to monitor the situation at all Company locations across the globe, on a daily basis....
SBM Offshore is pleased to announce a EUR 150 million (c. US$165 million) share repurchase program, effective from February 13, 2020. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Share repurchase program The Execution of the share repurchase program will be done under the terms of an engagement letter with a third party The repurchase program is expected to be completed within the year 2020, an...