Bank of China contributes $29 million to $450 million syndicated loan tranche for Cidade de Maricá FPSO Project (Linked to Project ID#59353, 59355, and 59354)

On July 30, 2014, Alfa Lula Alto S.à r.l. (or Alfa Lula Alto SARL) — a special purpose vehicle (legally incorporated in Luxembourg) and joint venture of SBM Offshore N.V. (56% ownership stake), Queiroz Galvao Group (5% ownership stake), Mitsubishi Corporation (20% ownership stake), and Nippon Yusen Kabushiki Kaisha (19% ownership stake) — signed a $1.45 billion syndicated loan agreement with 15 banks for the Cidade de Maricá FPSO Project. Members of the loan syndicate included China Eximbank, ABN AMRO Bank, Bank of China, Rabobank, MUFG Bank, Development Bank of Japan, ING Group, Mizuho Financial Group, Natixis, Sumitomo Mitsui Banking Corporation, Societe Generale, Credit Agricole Group, CIC Bank, Mitsubishi UFJ Trust and Banking. The loan consisted of two tranches: a $1 billion tranche with a 12-year maturity and an estimated, all-in interest rate of 5.3% and a $450 million tranche with a 14-year maturity and an estimated, all-in interest rate of 5.3%. China Eximbank reportedly contributed $75 million to the $1 billion syndicated loan tranche (as captured via Project ID#59353) and $75 million to the $450 million syndicated loan tranche (as captured via Project ID#59354). Bank of China reportedly contributed $82 million to the $1 billion syndicated loan tranche (as captured via Project ID#59355) and $29 million to the $450 million syndicated loan tranche (as captured via Project ID#59356). The purpose of the project was to construct the Cidade de Maricá floating production, storage, and offloading vessel (FPSO) — a double hull vessel moored in approximately 2,300 meters of water depth and possess a storage capacity of 1.6 million barrels — located in the Lula Alto area of Lula field. The topside facility of the FPSO weighs approximately 22,000 tons is designed to produce 150,000 bpd of well fluids and have associated gas treatment capacity of 6,000,000 Sm3/d. The water injection capacity of the FPSO is 200,000 bpd. The Cidade de Maricá FPSO vessel arrived in Brazil on July 9, 2015.

Additional details

1. The estimated interest rate is based on aN SBM Offshore report that identifies the ‘weighted average cost of debt [as] 5.3%.’

Number of official sources

3

Number of total sources

6