SBM Offshore Completes US $ 1.6 Billion Financing for Sepetiba


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September 16, 2021

SBM Offshore is pleased to announce that it has finalized the financing of the FPSO project Sepetiba for a total of US $ 1.6 billion, the largest project funding in the Company’s history.

Funding for the project was secured by a consortium of 13 international banks with insurance coverage from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and SACE SpA A letter of intent was received from China Export & Credit Insurance Corporation (Sinosure) which intends to join this operation by the end of the year and will replace part of the commitments of commercial banks.

The facility is composed of four separate tranches with a weighted average cost of debt of 4.3%, a post-completion maturity of fourteen years for the tranches covered by the ECA and a post-completion maturity of fifteen years for the tranches. not covered.

FPSO Sepetiba is owned and operated by a special purpose company owned by affiliates of SBM Offshore (64.5%) and its partners (35.5%). The vessel has a processing capacity of up to 180,000 barrels of oil per day, a water injection capacity of 250,000 barrels per day, an associated gas processing capacity of 12 million standard cubic meters per day and a minimum storage capacity of 1.4 million barrels of crude oil. . The FPSO will be moored at approximately 2,000 meters of water depth.

FPSO Sepetiba will be deployed on the Mero field in the Santos basin off Brazil, 180 kilometers off Rio de Janeiro. The Libra block, where the Mero field is located, is the subject of a production sharing agreement with a consortium made up of Petrobras, as operator, with 40%, Shell Brasil with 20%, TotalEnergies with 20 %, CNODC with 10% and CNOOC Limited with 10 percent interest. The Consortium also has the participation of the public company Pré-Sal Petróleo SA (PPSA), as manager of the Production Sharing Contract.

VSbusiness Profile

The main activities of the Company are the design, supply, installation, operation and life extension of floating production solutions for the offshore energy industry over the entire life cycle. The Company is the market leader in leased floating production systems, with several units currently in operation.

As of December 31, 2020, the Company employed approximately 4,570 people worldwide, located in offices in our key markets, onshore operational bases and the offshore vessel fleet.

SBM Offshore NV is a listed holding company headquartered in Amsterdam, the Netherlands. It has direct and indirect interests in other companies.

When references are made to SBM Offshore NV and / or its subsidiaries in general, or when it is not useful to identify the company or companies in particular, “SBM Offshore” or “the Company” are sometimes used to refer to for convenience.

For more information, please visit our website at www.sbmoffshore.com.

The Board of Directors Amsterdam, the Netherlands, September 16, 2021

Financial calendar Dated Year
Trading Update 3Q 2021 – Press release November 11th 2021
Annual results 2021 – Press release February 10 2022
annual general meeting April 6 2022
Trading Update 1Q 2022 – Press release May 12 2022
Half-year results 2022 – Press release August 4 2022

For more information, please contact:

Investor RelationsBert-Jaap DijkstraGroup Treasurer and IR

Media relationsVincent KempkesGroup Communications Director

Disclaimer

This press release contains inside information within the meaning of Article 7 (1) of the EU Market Abuse Regulation. Some of the statements contained in this press release that are not historical facts are statements of future expectations and other forward-looking statements based on the current views and assumptions of management and involve known and unknown risks and uncertainties that could cause actual results, performance or events differ materially from those shown in these statements. These forward-looking statements are subject to various risks and uncertainties, which may cause actual results and business performance of the Company to differ materially and adversely from forward-looking statements. Some of these forward-looking statements may be identified by the use of forward-looking terminology such as “believes”, “could”, “will”, “should”, “would”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. If one or more of these risks or uncertainties materialize, or if the underlying assumptions turn out to be inaccurate, actual results may differ materially from those described in this press release in the way anticipated, assumed or expected. SBM Offshore NV does not intend, and assumes no obligation, to update any segment information or forward-looking statements set forth in this press release to reflect subsequent events or circumstances. Nothing in this press release should be construed as an offer to sell or a solicitation of an offer to buy any securities.

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Source: SBM Offshore SA


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