SBM Sells 45 Pct Stake In FPSO Set For Brazil
FPSO operator SBM Offshore has sold a stake in Almirante Tamandaré, an FPSO currently under construction and set to operate on Petrobras’ Buzios field offshore Brazil.
SBM Offshore said back in July 2021 that it has signed contracts with Petrobras for the 26.25-year lease and operation of the FPSO Almirante Tamandaré.
The FPSO will be deployed at the Búzios field in the Santos Basin approximately 110 miles offshore Rio de Janeiro in Brazil. Petrobras is operating the Búzios field in partnership with CNODC and CNOOC.
SBM Offshore will be using its Fast4Ward program for the design and construction of the vessel will deliver the FPSO in the second half of 2024. First oil is expected to flow during the same year.
The Almirante Tamandaré will be the largest oil-producing unit operating offshore Brazil and one of the largest in the world which noted that the FPSO will have a daily processing capacity of 225,000 barrels of oil and 12 million cubic meters of gas. The FPSO will also have a water injection capacity of 250,000 barrels per day and a minimum storage capacity of 1.4 million barrels of crude oil.
Regarding the stake sale, SBM Offshore said that it entered into a shareholder agreement with its long-standing business partners Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha.
Through the sale, Mitsubishi and Nippon Yusen acquired a respective 25 and 20 percent ownership interest in the special purpose companies related to the lease and operation of the FPSO Almirante Tamandaré. SBM Offshore is still the operator and will remain the majority shareholder with 55 percent ownership interest.
It is worth noting that SBM Offshore already secured a $635 million bridge loan facility for the financing of the construction of FPSO Almirante Tamandaré. When the loan was secured, SBM owned a 100 percent stake in the FPSO and was looking to divest 45 percent of the equity ownership to partners.
As for the further development of the Búzios field, the FPSO Almirante Barroso will be the fifth unit to come online on the field. First oil is scheduled sometime during 2022. Worth reminding, Petrobras is already producing from four FPSOs on the field.
FPSO Almirante Tamandare will be the sixth unit on the field and contracts are already in place for the seventh and eighth unit. The seventh, designated P-78, will be constructed by Keppel and will flow first oil in 2025 while the eighth unit, designated P-79, will be built by a JV between Saipem and DSME.
Petrobras also released a tender for the construction of a ninth Búzios FPSO unit – the P-80. Petrobras is planning to bring the total number of production facilities at Búzios to 12 which could be constructed under an option included in the FPSO P-80 tender.
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