SBM Offshore announced the closing of the FSO Chalchi project financing agreement totaling US$465 million, a fundamental step to advance the construction of the floating storage unit that will service the Trión oil development in the deepwater Gulf of Mexico.
The financial operation brings together a consortium of international banks and institutional investors and has partial coverage from the China Export Credit Insurance Corporation. The resources will be disbursed during the construction phase and the loan will begin to be amortized when the unit enters commercial operation. The financing contemplates a maximum term of approximately 14 years after construction is completed.
A Financial Structure Designed for Offshore Projects
The company highlighted that this operation combines different sources of capital to support a long-term energy infrastructure project. According to SBM Offshore, this model strengthens the capacity to develop new assets under lease and operate contracts.
Douglas Wood, Chief Financial Officer of SBM Offshore, stated:
“We celebrate the signing of the FSO Chalchi project financing agreement, which marks our first transaction combining commercial banks, institutional investors, and the support of an export credit agency.
This financing structure demonstrates SBM Offshore’s ability to deliver innovative and long-term financing solutions to our clients and provides a scalable solution for potential new lease and operate projects.”
FSO Chalchi Will Support the Development of the Trión Field
Currently, FSO Chalchi is under construction and will operate under 20-year lease and operate contracts with Woodside Petróleo Operaciones de México, the Mexican subsidiary of Woodside Energy.
The facility will be deployed in the Trión field, located approximately 180 kilometers from the Mexican coast and about 30 kilometers south of the maritime border between Mexico and the United States. The project is being developed by Woodside Energy, which participates as operator with 60%, while Petróleos Mexicanos (PEMEX) holds the remaining 40%.
A Design Prepared for Ultra-Deepwater
The new floating storage vessel will be built on a Suezmax-type hull and will incorporate a disconnectable turret mooring system developed by SBM Offshore.
Likewise, the unit will be installed at an approximate depth of 2,500 meters and will have capacity to store approximately 950,000 barrels of crude oil, characteristics that will enable it to support the Trión development operations in an ultra-deepwater environment.
A Project That Strengthens SBM Offshore’s Presence
With this financing, SBM Offshore advances one of the most relevant projects in its offshore infrastructure portfolio. The company continues to consolidate its business model based on long-duration assets that integrate engineering, construction, installation, and operation of floating solutions for hydrocarbon production and storage.
The company, which has more than 8,000 professionals worldwide, also maintains a strategy oriented toward the development of technologies that contribute to more efficient energy production with lower emissions, while expanding its presence in new opportunities linked to the blue economy.
Source and photo: https://www.sbmoffshore.com/
