Financing secured for Tartaruga fields FPSO

Tartaruga MV29, a consortium set to lease an FPSO to Petrobras for the Tartaruga oil fields, offshore Brazil, will borrow around $1.3 billion from several banks to finance the construction of the vessel.

Tartaruga MV29 is a consortium established by MODEC, Mitsui & Co., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation. The consortium won the contract for the Tartaruga FPSO delivery, in 2014.

As for the Tartaruga FPSO loan, the Japan Bank for International Cooperation (JBIC) said on Friday that several banks and the lead arranger Sumitomo Mitsui Banking Corporation would co-finance the loan.

The JBIC, which Friday announced signing the loan agreement, said it would lend about $252 million.

According to the JBIC, the banks involved in lending the money are Mizuho Bank, Ltd., ING Bank N.V., Overseas-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., DVB Bank SE, Natixis, Sociètè Gènèrale, Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Crèdit Industriel et Commercial, with the total loan being $1.26 billion.

Cidade de Campos dos Goytacazes MV29

The FPSO will be capable of processing 150,000 barrels of crude oil per day, 176 million standard cubic feet of gas per day, 200,00 00 barrels of water injection per day and will have a storage capacity of about 1,600,000 barrels of crude oil.

The FPSO will be named Cidade de Campos dos Goytacazes MV29. It is expected to be delivered in the fourth quarter of 2017, and will be used for the development of Petrobras-operated Tartaruga Verde and Tartaruga Mestica oil fields.

The fields are located about 125 kilometers off the southeast coast of Macaé, the state of Rio de Janeiro. They lie below an underwater pre-salt layer in the Campos Basin.

Offshore Energy Today Staff

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