SBM is successful bidder for five Brazilian FPSOs

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SBM Offshore said on Friday it is the successful bidder for the interests held by Brazil’s Servicos de Petroleo Constellation in five floating production, storage and offloading vessels.

The company said completion of the transaction remains subject to various conditions precedent, including consent from client Petrobras and approval by the local antitrust authority – Conselho Administrativo de Defesa Econômica.

The total consideration for the equity ownership, excluding associated non-recourse project debt, is c. US$150 million.

The transaction includes the FPSOs; Cidade de Paraty, Cidade de Ilhabela, Cidade de Marica, Cidade de Saquarema and Capixaba. Constellation’s ownership interest in each of the FPSOs is 20%, 12.75%, 5%, 5% and 20%, respectively.

SBM Offshore is already the majority shareholder of the related entities and operator of these FPSOs.

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