SBM Offshore Signs Contract To Operate FPSO Offshore Brazil
July 14 2011 - 1:29AM
Dow Jones News
SBM Offshore NV (SBMO.AE) said Thursday that contracts for the
twenty year charter and operation of FPSO Cidade de Paraty,
offshore Brazil, have been executed with the BM-S-11 Consortium and
added that a contract to supply BP plc (BP) with an internal turret
mooring system was confirmed.
MAIN FACTS:
- The BM-S-11 consortium is 65% owned by Petrobras SA (PESA.BA),
25% by BG Group and 10% by GALP Energia.
- SBM Offshore together with Queiroz Galvão Óleo e Gás S.A had
been awarded a Letter of Intent on 28 May 2010 for this work.
- The unit will be owned and operated by a Joint Venture of
companies comprising of SBM Offshore (50.5%), QGOG (20%), Nippon
Yusen Kabushiki Kaisha (9101.TO) (17.5%) and Itochu Corporation
(8001.TO) (12%).
- The Lula Nordeste field is located in block BM-S-11 in the
Santos basin at approximately 265 kilometres offshore and 2,100
metres water depth. The FPSO will include topside facilities to
process 150,000 bpd of production fluids, associated gas treatment
for 5,000,000 Sm3/d with compression and carbon dioxide removal and
a water injection facility for 150,000 bpd.
- SBM Offshore together with its JV partners, QGOG, NYK and
ITOCHU, secured a Limited Recourse Project Loan for $1 Billion to
finance the construction of the FPSO Cidade de Paraty.
- The loan will be repaid over a 10 year period starting at
First Oil and benefit from a competitive pricing package arranged
on a Club Deal basis with 12 International Commercial Banks.
- SBM Offshore has also received a letter from BP plc's (BP)
Exploration Operating Company Ltd confirming full project sanction
for the supply of an internal turret mooring system for the Quad
204 FPSO project.
- The BP contract consists of engineering, procurement and
construction of an internal turret mooring system for the FPSO for
the Quad 204 development.
- The BP project schedule foresees delivery of the turret in
several sections to facilitate the FPSO construction sequence
during the year 2013.
- By Amsterdam Bureau, Dow Jones Newswires;
amsterdam@dowjones.com
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