SBM Offshore has signed a non-recourse sale and leaseback financing agreement for FPSO Cidade de Paraty for a total amount of $400 million and with a tenor of eight years.
The transaction is expected to be completed before the end of April 2025 following the fulfillment of certain closing conditions.
Cidade de Paraty is owned by a special purpose company owned by affiliated companies of SBM Offshore (63.125 per cent) and its partners (36.875 per cent). Under the terms of the agreement, the special purpose company will transfer the ownership to four Chinese leasing companies.
SBM Offshore and its partners continue to operate and maintain the asset until the end of the initial charter and operate contracts for the remaining period of 8.5 years.
“We are very pleased to have signed the refinancing of FPSO Cidade de Paraty, the company’s first sale and leaseback financing," commented Douglas Wood, CFO of SBM Offshore.