Field/project development

SBM Secures Large FPSO Financing

FPSO Sepetiba will be deployed at Petrobras’ Mero field in the Santos basin offshore Brazil.

Sepetiba FPSO concept.
Sepetiba FPSO concept.

SBM Offshore has completed the project financing of FPSO Sepetiba for a total of $1.6 billion—the largest project financing in the company’s history. The financing was secured by a consortium of 13 international banks with insurance from Nippon Export, Investment Insurance (NEXI), and SACE SpA.

China Export & Credit Insurance Corporation (Sinosure) intends to join this transaction by the end of the year and will replace a portion of the commercial banks’ commitments.

Sepetiba is owned and operated by a special-purpose company owned by affiliated companies of SBM Offshore (64.5%) and its partners (35.5%). The vessel has a processing capacity of up to 180,000 B/D of oil, a water-injection capacity of 250,000 B/D, associated gas treatment capacity of 12 MMcf/D and a minimum storage capacity of 1.4 million bbl of crude oil.

Sepetiba will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 km offshore Rio de Janeiro. The vessel will be spread-moored in approximately 2000 m water depth. The Libra Block, where the Mero field is located, is under a production-sharing contract to a consortium (PSC) comprising operator Petrobras (40%), Shell Brasil (20%), TotalEnergies (20%), CNODC (10%), and CNOOC Limited (10%).

The consortium also has the participation of state-owned Pré-Sal Petróleo SA (PPSA) as manager of the PSC.