Overview

China Eximbank loans $250 million to SBM Offshore for their acquisition of one floating production system from CSSC Chengxi Shipbuilding Co. Ltd.

Commitments (Constant USD, 2023)$261,549,595

Commitment Year•2015Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

SBM Offshore N.V.

Implementing agencies

State-owned companies

China State Shipbuilding Corporation Limited (CSSC)

Loan description

China Eximbank loans $250 million to SBM Offshore for their acquisition of one floating production system from CSSC Chengxi Shipbuilding Co. Ltd.

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2015, China Eximbank provided a $250 million loan to SBM Offshore — a Dutch shipping company — for the acquisition of one floating production system (FPSO). The FPSO was purchased by SBM Offshore from CSSC Chengxi Shipbuilding Co., Ltd. — a subsidiary corporation of China State Shipbuilding Corporation. SBM Offshore, ING, and China Eximbank signed a $1.0 billion framework agreement in March 2014. This agreement reportedly paved the way for the financing of future FPSOs by China Eximbank.