SBM Offshore N.V. has announced that together with its Joint Venture partners, QGOG Constellation and Mitsubishi Corporation, a Limited Recourse Project Loan has been secured for US$ 1.05 billion to finance the construction of the FPSO Cidade de Ilhabela.
The Facility has been designed to allow acceding Banks to join the transaction up to a maximum amount of US$ 1.2 billion on a pari passu basis.
The loan will be repaid over a 10 year period starting at First Oil expected in September 2014 and benefit from a competitive pricing package arranged on a Club Deal basis with reputable International Commercial Banks.
“We are delighted to have closed this loan facility for a record 1.05 billion US$ with our partners for this very large FPSO for Petrobras. We are very grateful for such strong support from our lenders in the current difficult environment in the banking market. This arrangement confirms the financing capacity available for good projects and supports our strategic focus to develop our core FPSO business.” Bruno Chabas, CEO of SBM.
The conversion of the FPSO ” Cidade de Ilhabela” will take place over the next two years in China and Brazil. The FPSO is being converted from a tank vessel which is 400 metres long and 70 metres across.
Source: SBM, August 3, 2012