SBM Offshore Finalizes Project Loan, Offshore Projects

AMSTERDAM (Dow Jones Newswires), Jul. 2, 2009

SBM Offshore, the Dutch marine construction and offshore company, finalized a $350 million Canadian project loan agreement and has delivered an offshore platform for Chevron Corp. in Brazil, it said Thursday.

SBM said it has completed the $350 million loan facility to finance and lease a new offshore gas facility in Canada for Encana Corp. This facility is to start production late 2010.

SBM completed the installation of an offshore platform for Chevron Frade BV, 375 kilometers northeast of Rio de Janeiro. The facility has a daily production capacity of 100,000 barrels of oil and 106 million cubic feet of gas.

It took SBM 26 months to finalize the project and about 18 million work-hours have been spent in it. SBM didn't elaborate on turnover and profit of the project.

SBM also announced Thursday that it has finalized the delivery to Petronas Carigali of several offshore oil and gas facilities in Turkmenistan. The non-recurring turnover of this project amounted to $51.5 million and it brought a post-tax profit of $30 million.

SBM said its operating contract with Total SA for the offshore Amenam field in Nigeria has been extended until June 2010.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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