SBM Offshore recently announced that it has secured project financing for its FPSO Almirante Tamandaré, with a total value of US$1.63 billion.
The financing is being provided by a consortium of 13 international banks, backed by insurance cover from four international Export Credit Agencies (ECA). The financing is composed of five separate facilities, with a weighted average cost of debt of approximately 6.3% and a post-completion maturity of 14 years for both the ECA covered facilities and the uncovered facility.
The FPSO Almirante Tamandaré will be the largest oil producing unit in Brazil, and it has been designed using SBM Offshore's industry leading Fast4Ward® new build, multi-purpose hull.
The FPSO will have a processing capacity of 225,000 barrels of oil and 12 million m3 of gas per day, and it will be located at the Búzios field in the Santos Basin, which is approximately 180 kilometers offshore Rio de Janeiro in Brazil.
The FPSO's estimated greenhouse gas (GHG) mission intensity is below 10 kgCO2e/boe, and it will benefit from various emission reduction technologies, such as the closed flare technology which increases gas utilization, preventing it from being burnt into the atmosphere.
The FPSO Almirante Tamandaré will be owned and operated by a special purpose company, which is owned by affiliated companies of SBM Offshore (55%) and its partners (45%). It will be deployed at the Búzios field under a 26.25-year lease and operate contract with Petrobras, which is operating the Búzios field in partnership with CNODC and CNOOC.