Brazil: SBM Offshore to bid for Constellation’s interest in five FPSOs

Dutch SBM Offshore will bid for an interest in five Brazilian FPSOs put up for sale by Brazilian offshore services provider Constellation, previously known as Queiroz Galvão Óleo e Gás S.A.

SBM Offshore on Monday said it would take part in a sealed bid competitive process for minority interest held by Constellation in entities related to the following FPSOs Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%) and Capixaba (20%).

SBM Offshore is already the majority shareholder of the related entities and operator of these FPSOs, all deployed at Petrobras’ offshore oil fields.

“To enable an efficient continuation of the sales process for all parties involved in case SBM Offshore is successful bidder, SBM Offshore has reached an agreement in principle with Constellation with respect to the terms of the contemplated transaction,” the Dutch FPSO specialist said.

The agreement remains conditional upon the outcome of the competitive auction process,” SBM offshore added.

Constellation’s sale of its interests in the five FPSO is part of the company’s debt restructuring plan, that includes raising new resources, capital contribution by the shareholders, and the disposal of assets.

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