SBM Offshore Sells Stake in Turritella FPSO
SBM Offshore has entered into an agreement with Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK Line) for the acquisition of a stake in the joint venture companies incorporated for the purpose of owning and operating FPSO Turritella.
Mitsubishi Corporation (30% interest) and NYK Line (15% interest) have acquired a 45% combined stake in the joint venture companies.
The partners’ cash contribution to the Turritella joint venture companies is expected to total approximately US$590 million with the first milestone payment of US$446 million received on July 15, 2015. Future milestone payments will follow the stages of completion of the project.
The divestment proceeds have been anticipated in the Company’s 2015 Proportional Net Debt guidance of below US$3.5 billion.
FPSO Turritella is currently under construction in Singapore and is expected to be delivered and on-hire in the first half of 2016.