SBM Offshore completes financing of FPSO Turritella

Offshore staff

HOUSTON SBM Offshore says the Turritella joint venture has completed the project financing of FPSO Turritella for a total of $800 million.

Project financing was secured by a consortium of 12 international banks with an average cost of debt of 3.5% over the 10-year post-completion maturity. 

FPSO Turritella is owned and operated by a joint venture owned by affiliated companies of SBM Offshore (55%), Mitsubishi Corp. (30%), and Nippon Yusen Kabushiki Kaisha (15%).  

The vessel is a typical Generation 2 design with a processing capacity of up to 60,000 b/d of oil and 15 MMcf/d of gas treatment and export. No water injection facilities are specified, and the Suezmax hull will be able to store 800,000 bbl of crude oil with total topsides weight reaching 7,000 tons. 

The joint venture will own and operate the vessel for an initial contract period of 10 years with future extension options up to a total of 20 years for Shell Offshore Inc. 

FPSO Turritella will be deployed on the Stones development project in the Gulf of Mexico, which is located in 2,896 m (9,500 ft) of water approximately 320 km (200 mi) offshore Louisiana in the Walker Ridge area. When installed, Turritella will be the deepest FPSO development in the world.

Combined with the $1.55-billion project financing of FPSO Cidade de Saquarema, the company says this culminates the successful financing of $2.35 billion for the two FPSOs during 2015. Project financing has now been secured on all finance lease projects currently under construction.


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