SBM Offshore reported Tuesday that FPSO Cidade de Saquarema formally commenced a contract July 8 after achieving first oil and the completion of a 72-hour continuous production test in the pre-salt province in BM-S-11 block offshore Brazil leading to Final Acceptance of the floating production facility.
The floating production, storage and offloading (FPSO) vessel, installed in the Lula field, will operate under a 20-year charter with Tupi BV as well as an operations contract with the BM-S-11 consortium.
Partners in the BM-S-11 block comprised Petrobras (65 percent), Shell's subsidiary BG E&P Brasil Ltda (25 percent) and Petrogal Brasil S.A. (10 percent).
The FPSO is owned and operated by a joint venture owned by affiliated units of SBM Offshore, Mitsubishi Corp., Nippon Yusen Kabushiki Kaisha, and Queiroz Galvao Oleo e Gas S.A. in which SBM Offshore holds a 56 percent stake.
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