SBM Offshore seeks to buy out minority partner in five Brazilian FPSOs
ROTTERDAM – SBM Offshore is participating in a competitive sealed-bid process to purchase the equity ownership in the leases and operating companies related to five Brazilian FPSOs owned by Serviços de Petróleo Constellation S.A. The auction consists of the minority stake held by affiliated companies of Constellation in the entities related to the following five FPSOs (with Constellation’s ownership percentage in brackets): 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. 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. This agreement remains conditional upon the outcome of the competitive auction process.
