SBM Offshore completes financing of FPSO Turritella

The Turritella joint venture led by SBM Offshore has completed the project financing of FPSO Turritella for a total of US$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 Generation 2 design with a processing capacity of up to 60,000 barrels of oil per day and 15 MMscf/d of gas treatment and export. No water injection facilities are specified, and the Suezmax hull will be able to store 800,000 barrels of crude oil with total topside 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 meters (9,500 feet) of water approximately 320 kilometers (200 miles) offshore Louisiana in the Walker Ridge area. When installed, SBM Offshore claims that Turritella will be the deepest FPSO development in the world.

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