SBM Offshore has signed a long-term cooperation agreement with Mitsubishi Corporation (Mitsubishi) to jointly pursue FPSO lease and operate projects worldwide, subject to pre-existing agreements of each of the companies.
Mitsubishi will be an equity partner with SBM Offshore for the ownership and operation of FPSOs. SBM Offshore will be responsible for the EPCI supply of these units and act as the operator on behalf of the partnership.
SBM Offshore and Mitsubishi have already formed partnerships in the past for the Yetagun FSO and Rang Dong FPSO lease contracts. The new cooperation with Mitsubishi will provide SBM Offshore with substantial equity capability for new lease projects, enable the partnership to attract competitive financing from a wide range of sources and also provide access to Mitsubishi Corporation's global business network with more than 200 bases of operations in 80 countries around the world.
The partnership will in particular support SBM Offshore in its ambitions to grow the portfolio in major markets such as Brazil where several large FPSO projects are expected to be developed in the coming years. The SBM Offshore/Mitsubishi combination also has strong local knowledge and expertise in several other countries identified by SBM Offshore and Mitsubishi as potential growth areas.