Download PDF version

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 the FPSO Sepetiba

The facility benefits from sponsor guarantees, which are to be released upon repayment

The facility will be drawn in July 2020 to finance the ongoing construction of the FPSO Sepetiba. The tenor of the bridge loan is six months with an extension option for another six months. The facility benefits from sponsor guarantees, which are to be released upon repayment.

Repayment is expected to take place upon closure and first drawdown of the project loan which continues to progress. The facility’s weighted average interest margin is in line with the expected margin of SBM Offshore’s existing US$1 billion revolving credit facility for the second half of 2020.

SBM Offshore’s long-standing relationships

Bert-Jaap Dijkstra, Group Treasurer of SBM Offshore, commented: “The successful closure of this bridge facility demonstrates the robustness of our financing model as well as the strength of SBM Offshore’s long-standing relationships with our banks."

Bert-Jaap Dijkstra adds, "As the facility is arranged at the level of the special purpose vehicle, it represents a financing tool that enables SBM Offshore and partners to optimise the financing of major projects. Further, this bridge facility improves SBM Offshore’s liquidity position at a competitive rate.”

Download PDF version Download PDF version

In case you missed it

Marine biofuels: The future of eco-friendly shipping
Marine biofuels: The future of eco-friendly shipping

In a major push toward decarbonising maritime logistics, President Jae-young Byeon of the Ulsan Port Authority (UPA) and Chief Executive Sun-bae Hong of the Korea Maritime Cooperat...

How American sanctions may affect the global shipping industry
How American sanctions may affect the global shipping industry

President Donald Trump has already made plenty of headlines since taking up his second term in the White House, including with the announcement of numerous new tariffs on imports....

ABS sets safety benchmark in marine industry
ABS sets safety benchmark in marine industry

In recognition of its exceptional achievement in maintaining a safe work environment, the National Safety Council (NSC) presented ABS with two safety awards. The NSC is a globally...

vfd