SBM completes $1.65 billion financing of Brazilian FPSO

World Oil Staff June 21, 2023

(WO) – SBM Offshore has signed the project financing of FPSO Alexandre de Gusmão for a total of $1.615 billion.

The project financing is provided by a consortium of 12 international banks with insurance cover from 3 international Export Credit Agencies (ECA). The financing is composed of four separate facilities with a ca. 6.6% weighted average cost of debt and a 14-year post-completion maturity for both the ECA covered facilities and the uncovered facility.

The FPSO’s design incorporates SBM Offshore’s industry leading Fast4Ward new build, multi-purpose hull. It will have a processing capacity of 180,000 boe and 12 MMcmgd. The FPSO will have an estimated greenhouse gas (GHG) emission intensity within the range of 8-12 kgCO2e/boe for the company’s new build FPSOs, benefiting from proprietary emission reduction technologies.

FPSO Alexandre de Gusmão is owned and operated by special purpose companies owned by affiliated companies of SBM Offshore (55%) and its partners (45%). The FPSO will be deployed at the Mero unitized field in the Santos basin, approximately 160 kilometers offshore Rio de Janeiro in Brazil, under a 22.5-year lease and operate contract with Petróleo Brasileiro S.A. (Petrobras).

The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-sal Petróleo S.A. – PPSA (3.5%), representing the Government in the non-contracted area.

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