Dutch FPSO operator SBM Offshore has officially named a floating production, storage, and offloading (FPSO) vessel destined to work at a giant field off the coast of Brazil for the country’s state-owned energy heavyweight, Petrobras.
After obtaining a binding letter of intent (LoI) in February 2021, SBM Offshore inked contracts with Petrobras for the 26.25-year lease and operation of the FPSO Almirante Tamandaré in July 2021. The firm secured a $635 million bridge loan facility for the financing of the construction of the FPSO in September 2021. At the start of 2022, the company sold a minority stake in the vessel to two Japanese companies.
In March 2023, the Dutch player completed the FPSO’s project financing with a total of $1.63 billion obtained from a consortium of 13 international banks with insurance cover from 4 international Export Credit Agencies (ECA). The floating unit owner previously described the vessel as the largest oil-producing unit operating offshore Brazil and one of the largest in the world.
SBM Offshore has now held the naming ceremony for the FPSO Almirante Tamandaré. The firm explains that the unit carries a name “rich with historical significance and national pride.” Joaquim Marques Lisboa, Marquis of Tamandaré, was a 19th-century military hero and admiral of Brazil’s Imperial Army.
Oivind Tangen, SBM Offshore’s CEO, commented: “FPSO Almirante Tamandaré marks another chapter in the partnership between SBM Offshore and our key stakeholders. The teams delivered both excellent HSSE performance throughout the project and an FPSO of high quality. We are proud to have her join the SBM Offshore fleet.”
The FPSO’s design incorporates SBM Offshore’s Fast4Ward new build, multi-purpose hull, which was nearing completion at the yard in February 2023. With a processing capacity of 225,000 barrels of oil and 12 million m3 of gas per day, the unit will have an estimated greenhouse gas (GHG) emission intensity below 10 kg CO2e/boe. The first oil is slated for 2024.
The FPSO Almirante Tamandaré, which is owned and operated by a special purpose company owned by affiliated companies of SBM Offshore (55%) and its partners (45%), will be deployed at the Búzios field in the Santos Basin about 180 kilometers offshore Rio de Janeiro in Brazil. Petrobras is operating the field in partnership with CNODC and CNOOC.
