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Stephenson Harwood (Singapore) Alliance advises on FPSO sale and leaseback financing
Stephenson Harwood (Singapore) Alliance has advised a consortium of four Chinese leasing companies in respect of SBM Offshore's first sale and leaseback financing.
The US$400 million non-recourse sale and leaseback financing, with a tenor of eight years, involves the transfer of ownership of the FPSO Cidade de Paraty from a special purpose company owned by affiliated companies of SBM Offshore and its partners to the lessors. The transaction was completed in April 2025, following the fulfilment of certain closing conditions.
The completion of this transaction also marks a significant milestone for the offshore industry, representing one of the first FPSO projects being financed through co-leasing structures.
SBM Offshore is a global leader in deepwater ocean-infrastructure and the FPSO Cidade de Paraty is the first of four pre-salt field FPSOs built by SBM Offshore. SBM Offshore and its partners will continue to operate and maintain the asset until the end of the initial charter and operate contracts for the remaining period of eight and a half years.
The Stephenson Harwood team was led by Partner Huay Yee Kwan, with support from Managing Associate Joan Tan and Associate Kenneth Kwok. Further support on the offshore due diligence aspects was provided by London based Managing Associate Rebecca Crookenden.
SBM Offshore and its partners were advised by HFW. The HFW team was led by Singapore based Partner John Forrester, who was supported by colleagues across their Corporate and Regulatory practices.