SBM Offshore Secures $465M Financing for FSO Chalchi in Mexico
SBM Offshore has finalized the project financing for the FSO Chalchi, totaling $465 million, provided by a consortium of international banks and institutional investors. The under-construction vessel will be operated under a 20-year lease and operate contract with Woodside Energy in Mexico.
Non-recourse Financing of $465 Million
The financing for the FSO Chalchi is backed by a consortium of international commercial banks and institutional investors, with partial insurance coverage from the China Export & Credit Insurance Corporation. Douglas Wood, CFO of SBM Offshore, stated, 'We welcome the signing of the financing for the FSO Chalchi, marking our first transaction that combines commercial banks, institutional investors, and the support of an export credit agency. This financing structure demonstrates SBM Offshore's ability to provide innovative and long-term financing solutions to our clients and offers a scalable solution for potential new lease and operate projects.' The financing will be drawn during the construction period and will become non-recourse once the vessel is operational. The loans have a maximum duration of about 14 years following the vessel's completion.
Vessel Constructed for the Trion Field in Mexico
The FSO Chalchi is a new Suezmax-type vessel equipped with a disconnectable turret mooring system designed by SBM Offshore. It will be anchored at a water depth of about 2,500 meters and will have a crude oil storage capacity of approximately 950,000 barrels. The vessel will be deployed at the Trion field, located 180 km off the Mexican coast and 30 km south of the US-Mexico maritime border. The Trion project is a joint venture between Woodside (60%, operator) and Petróleos Mexicanos (40%, non-operator). SBM Offshore will operate it under a lease and operate contract with Woodside Petróleo Operaciones de México for a period of 20 years.
