SBM Offshore Raises $500M for FPSO Refurb

Dutch oilfield services firm SBM Offshore announced Thursday that the $500 million it raised in a private placing with 16 U.S.-based institutional investors on Wednesday will be used to fund the refurbishment of the FPSO (floating production, storage and offloading vessel) Cidade de Anchieta.

SBM said that the deal was the first transaction issued for an FPSO in the US capital markets.

The Cidade de Anchieta started its service for Petrobras on Sept. 10 under an 18-year lease-and-operate contract.



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