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China Eximbank contributes $75 million to $450 syndicated loan tranche for Cidade de Maricá FPSO Project (Linked to Record ID#59356, 59355, and 59353)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Alfa Lula Alto SARL |
| Country | Brazil |
| Start Date | Jul 30, 2014 |
| End Date | Mar 02, 2030 |
| Duration | 5,694 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 59354 |
Grant Description
China Eximbank and Bank of China contributions to a USD 1.45 billion syndicated loan for Cidade de Maricá FPSO Project 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.
China Eximbank reportedly contributed $75 million to the $1 billion syndicated loan tranche (as captured via Record ID#59353) and $75 million to the $450 million syndicated loan tranche (as captured via Record ID#59354).
Bank of China reportedly contributed $82 million to the $1 billion syndicated loan tranche (as captured via Record ID#59355) and $29 million to the $450 million syndicated loan tranche (as captured via Record 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 in July of 2015 and entered use on February 7th, 2016.
Staff Comments
1. The estimated interest rate is based on aN SBM Offshore report that identifies the ‘weighted average cost of debt [as] 5.3%.’
Sources & References
- Cidade de Marica FPSO
- Lula Oil Field Development
- League Tables
- BORROWINGS Annual Report 2020
- SBM OFFSHORE : THIRD QUARTER TRADING UPDATE
- SBM Offshore Full-Year Results 2014
- Navio plataforma de petróleo 'Cidade de Maricá' começa a ser construído
- FPSO Cidade de Marica Arrives in Brazil from China for Integration Works
- SBM Offshore começa construção de FPSOs para a Petrobras em fevereiro
- FPSO Cidade de Maricá chega ao Rio
- FPSO Cidade de Maricá producing and on hire
- Maricá moors at BRASA following FPSO’s arrival in Brazil
- SBM Offshore to kick off construction of 2 FPSOs for Petrobras in Feb 2014 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Alfa Lula Alto SARL
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