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US$720M loan deal to back Petrobras FPSO build
Floating, production, storage and offloading (FPSO) newbuild Maria Quitéria is slated to be used in the Jubarte field for the Parque das Baleias integrated project in the northern Campos Basin offshore Brazil
A Dutch subsidiary of Malaysia-headquartered Yinson Holdings secured the six-year "limited recourse" loan from a consortium of banks: ING, Maybank, Natixis, Standard Chartered Bank and United Overseas Bank, with JP Morgan and HSBC also involved.
The loan facility will be used for the ongoing construction of FPSO Maria Quitéria, an FPSO project awarded to Yinson by Petróleo Brasileiro (Petrobras) in November 2021.
Yinson Group chief strategy officer Daniel Bong said the deal was a testament of the robustness of the group’s business strategy and acknowledged "challenges" brought on by the Covid pandemic.
“This is the second asset we are delivering for Petrobras. The first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite the significant challenges brought about by the pandemic. On top of that, thanks to the continuing efforts of our project team and support from our client, financiers, contractors and subcontractors, the construction of FPSO Maria Quitéria is progressing according to schedule,” he said.
“The FPSO financing space has been very competitive, as many postponed oil and gas developments have resumed post-pandemic, and investor appetites have evolved with energy transition agendas. Thus, the success of this deal is remarkable, assuring us that our robust business model and proven capabilities have earned the confidence of our stakeholders.”
Petrobras signed contracts with Malaysia’s Yinson Production for the charter, operation and maintenance of FPSO Maria Quitéria for the Parque das Baleias integrated project, offshore Brazil, in February 2022.
The estimated aggregate value of the contracts is roughly US$5.2Bn. The chartering and service contracts will last 22.5 years from the unit’s final acceptance, with no option to extend the term of the charter beyond that period.
The contracts follow the same parameters as two letters of intent signed in November 2021. The FPSO is expected to start operations Q4 2024.
The unit will have the capacity to process 100,000 barrels of oil and 5M m3 of gas per day. The project provides for the interconnection of 17 wells to the FPSO, nine of which are oil producers and eight water injectors.
The Parque das Baleias area is formed by the fields of Jubarte, Baleia Anã, Cachalote, Caxaréu, Pirambú and Mangangá. The first field, Jubarte, was discovered in 2001. In 2019, Petrobras and the National Agency of Petroleum, Natural Gas and Biofuels signed an agreement to extend the concession period until 2056 for the new unified Jubarte field, which enables the implementation of the new production system of the Parque das Baleias integrated project, in addition to complementary projects in the area.
Currently, four platforms are in operation: P-57, P-58, FPSO Cidade de Anchieta and FPSO Capixaba, which will discontinue operations sometime this year.
This month, Petrobras said FPSO Guanabara had arrived at the Mero field (the third-largest pre-salt field), in the Libra Block offshore Brazil. The vessel will be the first definitive system to operate in Mero.
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