SBM Offshore sells stake in Brazil-bound FPSO to Japanese duo

Dutch FPSO operator SBM Offshore has sold a minority stake in Almirante Tamandaré, an FPSO which is currently under construction and will be the largest oil production unit to operate offshore Brazil, to two Japanese companies.

SBM Offshore in July 2021 signed contracts with Petrobras for the 26.25 years lease and operation of FPSO Almirante Tamandaré. The vessel will be deployed at the Búzios field in the Santos Basin approximately 180 kilometres offshore Rio de Janeiro in Brazil.

It will be the sixth unit of the definitive system to be installed in the Búzios field and will be capable of processing 225 thousand barrels of oil and 12 million cubic meters of gas per day.

SBM Offshore revealed on Tuesday it has entered into a shareholder agreement with its long-standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK).

As a result, MC and NYK have acquired a respective 25 per cent and 20 per cent ownership interest in the special purpose companies related to the lease and operation of the FPSO Almirante Tamandaré. SBM Offshore is the operator and will remain the majority shareholder with 55 per cent ownership interest.

FPSO Almirante Tamandaré is currently under construction. The first oil is expected in the second half of 2024. Petrobras is operating the Búzios field in partnership with CNODC and CNOOC.

SBM Offshore has already secured a $635 million bridge loan facility for the financing of the construction of FPSO Almirante Tamandaré. At the time, SBM was the sole owner of the FPSO and was looking to divest 45 per cent of the equity ownership to partners.