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Supporting Re-financing of Cidade De Ilhabela FPSO

Crondall Energy Consultants Ltd (“Crondall”) is pleased to confirm that it recently acted as Independent Engineer supporting Citigroup Global Markets Inc. (“Citi”) and MUFG Securities Americas Inc. (“MUFG”) for the successful US$850 million non-recourse senior secured notes transaction in a s144A/Reg S offering by SBM Offshore’s subsidiary company Guara Norte S.à r.l. (Guara Norte). Guara Norte owns the Cidade De Ilhabela FPSO that has been operating on the Sapinhoá field offshore Brazil since November 2014. SBM Offshore owns 75% of the equity in Guara Norte and the remaining 25% equity is held by Mitsubishi Corporation.

Crondall Energy’s scope of services included a detailed technical review of the FPSO design specifications, historic and ongoing operations and maintenance performance, and uptime efficiency of the FPSO against the charter and services contract requirements. Crondall Energy also drafted a range of scenarios as inputs to the financial model being developed by others for the proposed transaction. Anna-Louise Peters, Managing Director of Crondall Energy’s consultancy business said that Crondall’s engagement in this successful transaction, enabling debt to be recycled to the bond markets, demonstrated Crondall’s extensive experience and capabilities in supporting clients in all areas of project re-financing. “We very much look forward to continuing to support our clients in both the development and post completion re-financing transactions. Having gained significant experience from this offering and other re-financings, we are well placed to support transactions of all sizes and complexities.”

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