SBM Offshore has announced the successful signing of a project financing agreement for the FPSO Alexandre de Gusmão, totaling a significant amount of US$1.615 billion. The financing has been secured through a consortium of 12 international banks, with insurance coverage provided by three international Export Credit Agencies (ECA).
The project financing comprises four separate facilities, featuring a weighted average cost of debt of approximately 6.6% and a post-completion maturity of 14 years for both the ECA-covered facilities and the uncovered facility. This financing arrangement demonstrates the confidence of the banking consortium and ECAs in the FPSO project.
The FPSO Alexandre de Gusmão incorporates SBM Offshore’s renowned Fast4Ward® new build, multi-purpose hull design. With a processing capacity of 180,000 barrels of oil and 12 million cubic metres (m3) of gas per day, the FPSO is equipped with proprietary emission reduction technologies, resulting in an estimated greenhouse gas (GHG) emission intensity ranging from 8 to 12 kilograms carbon dioxide equivalents per barrel of oil equivalent (kgCO2e/boe) for the company’s new build FPSOs.
Ownership and operation of the FPSO Alexandre de Gusmão are assigned to special purpose companies, jointly owned by affiliated entities of SBM Offshore (55%) and its partners (45%).
The FPSO will be deployed at the Mero unitszed field, located in the Santos Basin approximately 160 kilometres offshore Rio de Janeiro, Brazil. Under a 22.5-year lease and operate contract with Petróleo Brasileiro S.A. (Petrobras), the FPSO will play a crucial role in the field’s operations.
Petrobras operates the Mero unitised field with a 38.6% stake, in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%), and Pré-sal Petróleo S.A. – PPSA (3.5%), representing the Government’s interest in the non-contracted area.