SBM Offshore holds a 63.125% interest in FPSO Cidade de Paraty, located offshore Brazil. (Source: Shutterstock)
SBM Offshore has signed a $400 million non-recourse sale and leaseback financing agreement for FPSO Cidade de Paraty for an 8-year duration, the deepwater company said April 9.
Cidade de Paraty is owned by a special purpose company owned by SBM Offshore and its partners —Brazil’s QGOG and Japan’s Nippon Yusen Kabushiki Kaisha and Itochu . SBM Offshore holds 63.125% and the others hold the remaining 36.875%.
Under the terms of the agreement, the special purpose company will transfer the ownership to four undisclosed Chinese leasing companies.
The FPSO, which has been in operation since June 2013, is currently located in the Lula Nordeste development in the presalt area offshore Brazil.
Cidade has installed topside facilities with a weight of approximately 14,000 tons to process 120,000 bbl/d of oil; associated gas treatment of 5 MMscm/d with compression; and a CO2 removal and a water injection facility for 150,000 bbl/d, according to SBM’s website.
SBM Offshore and its partners continue to operate and maintain the asset until the end of the initial charter and operate contracts for the remaining period of 8.5 years, the company said.
The transaction is expected to be completed by the end of April 2025.
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