SBM Offshore informed that the FPSO Cidade de Saquarema is formally on hire after achieving first oil.
The FPSO is installed in the Lula field (BM-S-11 contract) in the pre-salt province offshore Brazil.
It will operate under a 20-year charter with Tupi BV as well as an operations contract with the BM-S-11 consortium.
The BM-S-11 block is under concession to a consortium comprised of Petrobras (65%), BG E&P Brasil Ltda – a Royal Dutch Shell subsidiary (25%) and Petrogal Brasil S.A. (10%).
The FPSO is owned and operated by a joint venture owned by affiliated companies of SBM Offshore, Mitsubishi Corporation, Nippon Yusen Kabushiki Kaisha, and Queiroz Galvão Óleo e Gás S.A.