Project financing was secured by a consortium of 16 international banks with insurance cover from four export credit agencies: Atradius Dutch State Business, Nippon Export and Investment Insurance, Servizi Assicurativi del Commercio Estero, and UK Export.
The facility is composed of three separate tranches, totalling $1.55 billion with a 5.1% weighted average cost of debt and fourteen year post-completion maturity.
FPSO Cidade de Saquarema is owned and operated by a joint venture owned by affiliated companies of SBM Offshore (56%), Mitsubishi Corp. (20%), Nippon Yusen Kabushiki Kaisha (19%), and Queiroz Galvão Óleo e Gás (5%). The vessel has processing capacity of up to 150,000 b/d of oil and 6 MMcm/d of gas, and storage capacity of approximately 1.6 MMbbl.
The joint venture will own and operate the vessel on a 20-year charter service for Tupi.
Combined with the $1.45 billion project financing of FPSO Cidade de Maricá (July 2014), today's announcement culminates the successful financing of $3 billion for two sister units destined for the Lula field in the presalt region offshore Brazil.