SBM Offshore is pleased to announce the following:
1.  FPSO P-57 Starts Oil Production
FPSO P-57 started first oil production on 17 December 2010 on the Jubarte field
offshore Brazil in the Campos Basin. This major project milestone marks the
final delivery and hand over of the FPSO to Petrobras and has been reached two
months ahead of schedule.
The initial contract for the supply of the FPSO to Petrobras was signed in
February 2008, with delivery of the unit planned 33 months later offshore Brazil
with a further two months scheduled for installation and hook up. Construction
works were performed both in Singapore and Brazil with the contractual
requirement of 65% Brazilian content being exceeded.
SBM Offshore will operate the facility for the first three years of production
at the Jubarte field which is located 80 km off the EspÃrito Santo coast at a
water depth of 1,260 metres.
The FPSO will produce oil of 17 degrees API and is capable of processing up to
180,000 barrels of oil and 2 million cubic metres of gas per day, facilitating
production from 22 interconnected wells, of which 15 are producers and seven are
water injectors.
This project is one of the most technically complex facilities SBM Offshore has
designed and built for Petrobras so far, and also one of the most challenging in
terms of project execution with the high local content requirement for
construction in Brazil.
2.  Financing for Aseng FPSO completed
Aseng Production Company Limited, a Joint-Venture incorporated between SBM
Offshore and "GEPetrol, Compania Nacional de Petroleos de Guinea Ecuatorial"
(GEPetrol), has successfully secured a US$ 602 million Project Debt facility in
order to finance the investment in the lease of the FPSO Aseng to be operated
offshore Equatorial Guinea for Noble Energy.
The facility is a combination of a Bank Loan of US$ 400 million and a GEPetrol
Shareholder Loan of US$ 202 million under a 5 years tenor.
The Bank syndication is built on a Club Deal basis and is composed of the
following eight banks: ING (Facility Agent), Rabobank (Documentation Agent),
ABN-Amro (Security Agent), BTMU (Modeling Agent), BNPP, CIC, Natixis and SMBC.
 Contact person:     Mr. Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Fax: (+377) 92 05 89 40
E-mail: sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com
To see the complete pdf version of this press release, please click on the link
below:
SBMO press release:
http://hugin.info/130754/R/1474201/410540.pdf
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Source: SBM Offshore N.V. via Thomson Reuters ONE
[HUG#1474201]
