Page 18 - LatAmOil Week 27

LatAmOil NEWS IN BRIEF LatAmOil

This is one of several offshore projects where Lazy Wave Risers (SLWR) and associated flow- with our banks. As the facility is arranged at the
ABB will utilise its Select IO for more efficient lines between all wells and the FPSO. In particu- level of the special purpose vehicle, it represents
project execution. Select IO is an ethernet based, lar, the scope of work includes five production a financing tool which enables SBM Offshore
single-channel input output system, where field and five injection risers and flowlines for a total and partners to optimise the financing of major
signals are digitally marshaled in smart junction length of 59 km, a 16-km-long gas export line projects. Further, this bridge facility improves
boxes. to be connected to an existing pipeline, 11 rigid SBM Offshore’s liquidity position at a compet-
Utilising ABB’s xStream engineering jumpers and 21 foundation subsea structures itive rate.”
approach alongside digital marshaling, Select (risers and PLETs). The Company’s main activities are the design,
IO will reduce project time by allowing the pro- Saipem will use FDS, its state-of-the-art field supply, installation, operation and the life exten-
ject team to decouple the hardware and software development ship, for all the subsea works. sion of floating production solutions for the off-
tasks and fully standardise the cabinet design. “Búzios is one of the world’s largest deepwater shore energy industry over the full lifecycle. The
Cabinets can then be installed and terminated oil fields and it is very important for Saipem to Company is market leading in leased floating
at a much earlier phase during construction. contribute to such a significant project for Brazil, production systems, with multiple units cur-
ABB will perform all software engineering in a a country in which we have a long-established rently in operation.
cloud-based system bringing the hardware and presence and track record of successfully-exe- As of December 31, 2019, the Company
software application together at a later stage uti- cuted projects,” commented Francesco Racheli, employs approximately 4,450 people world-
lising Select IO digital marshaling. This seamless Chief Operating Officer of Saipem’s E&C Off- wide spread over offices in our key markets,
integration will improve interface for topside shore Division. “This new acquisition efficiently operational shore bases and the offshore fleet of
production, safety systems, marine systems, tel- combines in-house capabilities and appropriate vessels.
ecom packages, surveillance equipment and the assets to carry out this ambitious endeavour and SBM Offshore is a listed holding company
electrical systems. reinforces our reputation as a global provider headquartered in Amsterdam, the Netherlands.
Brandon Spencer, managing director of of valuable solutions in a country offering great It holds direct and indirect interests in other
ABB Energy Industries said: “We have a strong opportunities. We look forward to working companies.
heritage in delivering Electrical, Control and alongside Petrobras to further develop Brazil’s SBM Offshore, July 01 2020
Telecommunication packages for FPSOs both resources and ensure the safe and timely achieve-
in Brazil and worldwide from our global lead ment of the field’s full production output.”
centers in Singapore and Norway. In deploying Saipem, July 06 2020 LNG
ABB Ability™ System 800xA on this FPSO, we
can help Yinson streamline project execution SBM Offshore completes New Fortress Energy
and their operations. This will enhance overall
equipment effectiveness, in turn providing key $600mn bridge loan for significantly reduces future
data insights that will help make real time deci-
sions on performance.” FPSO Sepetiba LNG supply costs for 2020
The collaboration between the two com-
panies will span the globe, with regional ABB SBM Offshore is pleased to announce the closure New Fortress Energy has entered into an agree-
teams working with Yinson in Asia and on of a $600mn bridge loan facility for the financing ment with Centrica LNG Company to terminate
site in Brazil, whilst drawing on the company’s of the construction of FPSO Sepetiba. New Fortress’s obligation to purchase any addi-
global offshore expertise from its team based in The facility was secured by the special pur- tional LNG from Centrica for the remainder of
Norway. pose company owning FPSO Sepetiba and was 2020 in exchange for a payment of $105mn. As a
ABB has a strong track record in delivering agreed with a consortium of four international result, New Fortress will now be able to purchase
digital solutions for FPSOs, working previously banks. SBM Offshore is majority owner of this LNG in the open market at prices that are signif-
on several other FPSO projects including Maersk special-purpose company (with 64.5% equity icantly lower than the price previously agreed to
Peregrino, The Goliat and Armada Olombendo ownership), together with Mitsubishi Corpora- with Centrica.
FPSO. tion (20%) and Nippon Yusen Kabushiki Kaisha As a result of facilities commencing opera-
ABB, July 06 2020 (15.5%). tions in Puerto Rico in addition to Jamaica, New
The facility will be drawn in July 2020 to Fortress has made significant progress toward
Saipem wins $325mn finance the ongoing construction of the FPSO achieving an Illustrative Annualised Operating
Sepetiba. The tenor of the bridge loan is six Margin Goal from Committed Volumes of over
contract for Buzios months with an extension option for another $400mn on an annualised basis during the third
six months. The facility benefits from spon-
quarter of 2020. We expect our annualised cash
field in Brazil sor guarantees, which are to be released upon SG&A and annualised cash interest payments
repayment. Repayment is expected to take place to be approximately $80mn and $80mn respec-
Saipem has been awarded a contract by Petro- upon closure and first drawdown of the project tively during the same period.
bras for the installation of a rigid riser-based sub- loan which continues to progress. The facility’s In addition, the Company is currently
sea system to serve the Búzios pre-salt project, in weighted average interest margin is in line with advancing projects in both Mexico and Nica-
water depths from 1537 to 2190 metres, offshore the expected margin of SBM Offshore’s existing ragua, with the goal of substantially completing
the state of Rio de Janeiro. $1bn revolving credit facility for H2-2020. these projects by the end of 2020. Once fully
The Búzios-5 overall production system fore- Bert-Jaap Dijkstra, Group Treasurer of SBM operational, New Fortress aims for these pro-
sees the interconnection of 15 wells to the FPSO Offshore, commented: “The successful closure of jects to contribute an additional approximately
in two phases. The project awarded to Saipem this bridge facility demonstrates the robustness $150mn toward the Company’s Illustrative
includes the Engineering, Procurement, Con- of our financing model as well as the strength Annualised Operating Margin Goal from Com-
struction and Installation (EPCI) of the Steel of SBM Offshore’s long-standing relationships mitted Volumes.

P18 www. NEWSBASE .com Week 27 09•July•2020