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SBM sign $3.5bn Petrobras twin FPSO lease deal

SBM sign $3.5bn Petrobras twin FPSO lease deal
Rio de Janeiro: Floating production specialist SBM Offshore has been awarded letters of intent for the 20 year charter and operation of two FPSOs by a Petrobras-led consortium.

To fulfil the $3.5bn deal, SBM will be in charge of the conversion of two double hull VLCCs into FPSOs with capacities of 1.6m barrels, ready for mooring at the Lula field in the pre-salt region 300km off of Brazil in 2,300 m of water.

In compliance with strict local content rules in Brazil, a substantial part of the topside fabrication integration and commissioning will be handled by SBM Offshore's joint owned Brasa yard near Rio de Janeiro. Brazil will also cover significant amounts of the project management, procurement and engineering services. Delivery of the two units is expected late 2015 and early 2016.

The contract, due to be finalised with the consortium comprising of Petrobras, BG E&P Brasil and Petrogal Brasil in the second quarter of 2013, will see the two FPSOs operate under a joint venture company owned by SBM Offshore and Queiroz Galvão Óleo e Gás.

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