CDB provides $1.5 billion of receivables financing for the Almirante Tamandaré Floating Production Storage and Offloading (FPSO) Unit Project

📋 Staff Comments

1. In a typical receivables financing agreement (or deferred payment agreement), the company that the project owner in the host country has selected as its engineering, procurement, and construction (EPC) contractor is also a lender to the project owner. The company assigns receivables under its EPC contract with the project owner to one of or more banks. Upon assignment of receivables, the bank or banks will release funds to the company so it can discharge its obligations under the receivables financing agreement as a lender. Receivables financing is also known as accounts receivable financing (finance) or A/R financing (finance) or 应收账款融资 (in Chinese). These other terms are used because the accounts receivable of a company (i.e., unpaid invoices) are being used as collateral to unlock working capital—typically in the form of a bank loan (‘receivables loan’). Sellers often face cash flow problems when their buyers do not make full payment at the due date of the invoice. A receivables financing arrangement addresses this problem by allowing them to sell their outstanding invoices to a bank at a discounted rate. This approach allows the seller to receive the remaining invoice amount before the due date of the invoice. The bank either gets its money back at invoice maturity through the seller (acting as a collecting agent) or directly from the debtor.
2. China National Offshore Oil Corporation (CNOOC) and China National Oil & Gas Exploration and Development Corporation (CNODC) are both Chinese state-owned companies.
3. One source refers to a $1.9 billion financing agreement for the Almirante Tamandaré Floating Production Storage and Offloading (FPSO) Unit Project that is backed by SACE, NEXI, Atradius, and Sinosure. This issue warrants further investigation.

📚 Sources & References

• Petrobras to launch new FPSO tender this year
• FPSO Sepetiba tem construção impactada por “desafios no estaleiro”
• Chirag J. Sanghrajka, 4.3.1FINANCIAL HIGHLIGHTS
• UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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