FPSO Turritella Changes Hands

Image Courtesy: SBM Offshore

SBM Offshore has finalized the sale of FPSO Turritella to Shell E and P Offshore Services B.V. (Shell), the company said.

Shell exercised the purchase option for the FPSO in July 2017, which was followed by an operational transition period to allow for safe handover of operations.

The company selling the asset is a joint-venture owned by SBM Offshore with 55 percent interest, Mitsubishi Corporation with 30 percent interest and Nippon Yusen Kabushiki Kaisha (NYK Line) with 15 percent interest.

The transaction comprises a total cash consideration to the JV of USD 1 billion.

SBM Offshore said earlier that the net proceeds from the sale, after taking into account the unwinding of the JV ownership and partner commitments, will primarily be used for project finance redemption and as such will decrease SBM Offshore’s proportional net debt position.

FPSO Turritella has been on hire since September 2, 2016 and forms an early phase in Shell’s Stones development in the Gulf of Mexico.

The vessel is the deepest FPSO development in the world and has a turret with a disconnectable buoy allowing it to weathervane in normal conditions and disconnect from the FPSO upon the approach of a hurricane.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >