Dutch FPSO provider SBM Offshore has secured a US$635 million bridge loan facility for the financing of the construction of FPSO Almirante Tamandaré, one of the world's largest FPSOs.

SBM Offshore said Friday that it had secured the loan by the special purpose company which will own FPSO Almirante Tamandaré. 

"Currently, SBM Offshore is the sole owner of this special purpose company. Discussions around the divestment of 45% of the equity ownership to partners continue to progress," SBM Offshore said.

The facility will be fully drawn in the coming days to finance the ongoing construction of the FPSO Almirante Tamandaré. 

The tenor of the bridge loan is twelve months with an extension option for another six months. Repayment is expected to take place upon closure and the first drawdown of the project loan.

The Dutch company in July signed contracts with Brazil's Petrobras for the 26.25 years lease and operation of FPSO Almirante Tamandaré.

The FPSO Almirante Tamandaré will be deployed at the Búzios field in the Santos Basin approximately 180 kilometers offshore Rio de Janeiro in Brazil. Delivery of the FPSO is expected in the second half of 2024.

The FPSO is being built under SBM Offshore's Fast4Ward program.

The Fast4Ward program includes a new build, multi-Purpose Floater hull combined with several standardized topsides modules. SBM Offshore’s fourth Fast4Ward MPF hull has been allocated to this project.

Under the Fast4Ward program, SBM Offshore usually orders an FPSO hull without a firm contract in hand, so that, when a contract is secured, the FPSO delivery time is shorter. The hull that has been allocated for the FPSO Almirante Tamandaré was ordered in China in December 2019.

Once delivered, the FPSO Almirante Tamandaré will have a water injection capacity of 250,000 barrels per day and a minimum storage capacity of 1.4 million barrels of crude oil.