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NYK and Mitsubishi acquire stake in SBM Offshore FPSO

NYK and Mitsubishi acquire stake in SBM Offshore FPSO
Nippon Yusen Kabushiki Kaisha (NYK) and Mitsubishi Corp have both bought minority stakes in SBM Offshore's FPSO Turritella.

The partners will contribute $590m in cash payments to the joint venture companies which own and operate the FPSO, with the first $446m payment made today.

NYK has bought a 30% interest, and Mitsubishi has acquired a 15% stake, with SBM Offshore holding the remaining 55%.

Under construction in Singapore, the FPSO is due to be delivered and go on-hire in 2016 with Shell at the Stones project in the Gulf of Mexico. Turritella will be the deepest FPSO development in the world when installed, positioned in 2,900 m of water.

The FPSO will be the fourth JV venture for NYK in Brazilian waters, adding to similar deals with SBM and Mitsubishi for the FPSOs Cidade de Maricá and Cidade de Saquarema.