SBM Offshore N.V. has completed the project financing of FPSO Cidade de Saquarema -- which will be deployed to the Lula field offshore Brazil upon completion -- for a total of $1.55 billion, which is the largest project financing in the Company’s history.

Project financing was secured by a consortium of 16 international banks with insurance cover from four Export Credit Agencies (ECA): Atradius Dutch State Business N.V. (Atradius), Nippon Export and Investment Insurance (NEXI), Servizi Assicurativi del Commercio Estero S.p.A. (SACE) and UK Export Finance (UKEF).

The facility is composed of three separate tranches totalling $1.55 billion with a 5.1 percent weighted average cost of debt and fourteen year post-completion maturity: Atradius covered tranche of $800 million including SACE $167 million and UKEF $53 million NEXI covered tranche of $400 million Uncovered commercial tranche of $350 million

Tags: SBM Offshore N.V.