FPSO Cidade de Saquarema Starts Ops at Lula Field

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.