SBM Offshore is pleased to announce the following:
1. FPSO P-57 Starts Oil Production
FPSO P-57 started first oil production on 17 December 2010 on the Jubarte field offshore Brazil in the Campos Basin. This major project milestone marks the final delivery and hand over of the FPSO to Petrobras and has been reached two months ahead of schedule.

The initial contract for the supply of the FPSO to Petrobras was signed in February 2008, with delivery of the unit planned 33 months later offshore Brazil with a further two months scheduled for installation and hook up. Construction works were performed both in Singapore and Brazil with the contractual requirement of 65% Brazilian content being exceeded.

SBM Offshore will operate the facility for the first three years of production at the Jubarte field which is located 80 km off the Espírito Santo coast at a water depth of 1,260 metres.

The FPSO will produce oil of 17 degrees API and is capable of processing up to 180,000 barrels of oil and 2 million cubic metres of gas per day, facilitating production from 22 interconnected wells, of which 15 are producers and seven are water injectors.

This project is one of the most technically complex facilities SBM Offshore has designed and built for Petrobras so far, and also one of the most challenging in terms of project execution with the high local content requirement for construction in Brazil.

2. Financing for Aseng FPSO completed

Aseng Production Company Limited, a Joint-Venture incorporated between SBM Offshore and "GEPetrol, Compania Nacional de Petroleos de Guinea Ecuatorial" (GEPetrol), has successfully secured a US$ 602 million Project Debt facility in order to finance the investment in the lease of the FPSO Aseng to be operated offshore Equatorial Guinea for Noble Energy.

The facility is a combination of a Bank Loan of US$ 400 million and a GEPetrol Shareholder Loan of US$ 202 million under a 5 years tenor.

The Bank syndication is built on a Club Deal basis and is composed of the following eight banks: ING (Facility Agent), Rabobank (Documentation Agent), ABN-Amro (Security Agent), BTMU (Modeling Agent), BNPP, CIC, Natixis and SMBC.