US$800m raised for world's deepest FPSO

Singapore

SBM Offshore and its joint-venture partners have completed the project financing for the world's deepest floating production, storage and offloading (FPSO) vessel Turritella, slated to go on a multi-year contract at Shell-operated Stones field development in the Gulf of Mexico.

Project financing totalling US$800 million was secured by a consortium of 12 international banks led by ING with an average cost of debt of 3.5 per cent over the 10-year post-completion maturity. The Turritella FPSO underwent a 28-month conversion at Keppel Shipyard in Singapore before setting sail in October for the Stones field in the Walker Ridge area offshore Louisiana. When installed in some 2,896 metres of water at the field location, the vessel will be the deepest FPSO development in the world.