SBM in $3.5B FPSO Deal

Dutch oilfield services supplier SBM Offshore reported Monday that contracts have been executed for the $3.5-billion, 20-year charter and operation of two FPSO vessels: Cidade de Maricà and Cidade de Saquarema. 

Both FPSOs are scheduled for operation in the Lula field in the pre-salt province, offshore Brazil, in block BM-S-11. The BM-S-11 block is under concession to a consortium that comprises Petrobras, BG E&P Brasil and Petrogal Brasil.

The FPSOs will be owned and operated by a joint venture owned by affiliated companies of SBM Offshore, Mitsubishi Corporation, Nippon Yusen Kabushiki Kaisha, and Queiroz Galvão Óleo e Gás S.A. in which SBM Offshore shareholding will be 56 percent.

SBM Offshore is in charge of the construction of the vessels. They will be direct copies of the blueprint for FPSO Cidade de Ilhabela, which is scheduled to launch in 2014.

Cidade de Maricà and Cidade de Saquarema are expected to be delivered in late 2015 and early 2016 respectively.

SBM CEO Bruno Chabas commented in a company statement:

"We are delighted to confirm signature of this contract, within such a short interval of the letter of intent (22 March 2013). It is a sign of the commitment of both Petrobras and SBM to successfully fast-track this project. The FPSO teams – comprised of our most experienced personnel – have ramped up in record time since reception of the LOI and we are pleased to proceed with the official green light to full execution of the project."

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