Dutch shipbuilder SBM Offshore has signed agreements with Malaysia’s MISC Berhad to exchange ownership interests related to two floating production storage and offloading (FPSO) vessels. The deal involves the FPSO Espirito Santo, operating in Brazil, and the FPSO Kikeh, located offshore Malaysia.
SBM Offshore said it will acquire MISC’s equity interest in the FPSO Espirito Santo, which operates at the BC 10 field in Brazil’s Campos Basin for Shell do Brasil. Originally a 1975-built VLCC, the vessel was converted into an FPSO in 2009. It has a production capacity of 100,000 barrels of oil per day (b/d) and a storage capacity of 2 million barrels.
In return, MISC will take over SBM Offshore’s stake in the FPSO Kikeh. This unit, initially built in 1974, was converted in 2007 and operates at the Kikeh field off Sabah, Malaysia, for Murphy Sabah Oil. The FPSO Kikeh can produce 120,000 b/d and has the same storage capacity of 2 million barrels.
SBM Offshore emphasized the transactions’ role in maintaining “focus and excellence” in its portfolio. The deals are subject to regulatory approvals.
In recent months, SBM Offshore secured several new contracts, including an FSO unit for Woodside’s Mexico-U.S. oil project, a US$250 million loan for the FPSO Jaguar, and a hull reservation for TotalEnergies’ project in Suriname.
