SBM Offshore pays $150M for Constellation’s share in five FPSOs
SBM Offshore has been designated as the successful bidder for Constellation’s share in five Brazilian FPSOs.
The news follows SBM Offshore’s September 30 announcement that it would bid for an interest in five Brazilian FPSOs put up for sale by Brazilian offshore services provider Constellation, previously known as Queiroz Galvão Óleo e Gás S.A.
The sealed bid competitive process which SBM Offshore was for minority interest held by Constellation in entities related to the following FPSOs: Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%) and Capixaba (20%).
SBM on Friday said it was successful in its bidding, adding that the completion of the transaction remains subject to, among others, consent from client Petrobras and approval by the local antitrust authority CADE (“Conselho Administrativo de Defesa Econômica”).
SBM Offshore said that the total consideration for the equity ownership, excluding associated non-recourse project debt, is around $150 million. SBM Offshore is already the majority shareholder of the related entities and the operator of these FPSOs.
Brazil is SBM Offshore’s biggest market. At year-end 2018, the company had 13 FPSOs in Total, seven of which were FPSOs deployed in Brazil.
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