The facility was secured by the special purpose company which will own the FPSO. Currently, SBM is the sole owner of this special purpose company. Discussions around the divestment of 45% of the equity ownership to partners continue to progress, the company said.
The facility will be fully drawn in the coming days to finance the ongoing construction of the FPSO. The tenor of the bridge loan is 12 months with a six-month extension option. Repayment is expected to take place upon closure and first drawdown of the project loan.
The Almirante Tamandaré will be the sixth FPSO located at the giant Búzios field in the presalt Santos basin, 180 km (112 mi) offshore Rio de Janeiro.
SBM is progressing with the design and construction using its Fast4Ward program, a multi-purpose floater (MPF) hull combined with standardized topsides modules. The company has allocated its fourth Fast4Ward MPF hull to the project.
