SBM Offshore Completes US$1.63B Financing Of Almirante Tamandaré

SBM Offshore is pleased to announce it has signed the project financing of FPSO Almirante Tamandaré for a total of US$1.63B.

The project financing is provided by a consortium of 13 international banks with insurance cover from 4 international Export Credit Agencies (ECA). The financing is composed of five separate facilities with a ca. 6.3% weighted average cost of debt and a 14-year post-completion maturity for both the ECA covered facilities and the uncovered facility.

The FPSO's design incorporates SBM Offshore's industry leading Fast4Ward new build, multi-purpose hull. It will be the largest oil producing oil unit in Brazil with a processing capacity of 225,000 barrels of oil and 12 million m3 of gas per day. The FPSO will have an estimated greenhouse gas (GHG) mission intensity below 10 kgCO2e/boe^[1] and will benefit from emission reduction technologies such as the closed flare technology which increases gas utilization, preventing it from being burnt into the atmosphere.

FPSO Almirante Tamandaré is owned and operated by a special purpose company owned by affiliated companies of SBM Offshore (55%) and its partners (45%). The FPSO will be deployed at the Búzios field in the Santos Basin approximately 180 kilometers offshore Rio de Janeiro in Brazil, under a 26.25-year lease and operate contract with Petróleo Brasileiro S.A. (Petrobras). Petrobras is operating the Búzios field in partnership with CNODC and CNOOC.

About SBM Offshore
SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for renewable energy sources.

More than 7,000 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.

For more information, visit www.sbmoffshore.com.

^[1] Calculated based on nameplate capacity