Cernambi Norte MV26 $1.13 billion financing

Overview:

• Modec, Mitsui, Mitsui OSK Lines, Marubeni and Mitsui Engineering & Shipbuilding have taken out $1.13 billion in new financing.
• The funds will be used to finance the Cernambi Norte MV26 floating production, storage and offloading vessel.
• The financing consists of $681 million from the Japan Bank for International Cooperation, and $454 million from Bank of Tokyo-Mitsubishi UFJ, Mizuho and Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Mitsubishi UFJ Trust and Banking Corporation.
• The vessel will be chartered to Tupi for use at the Iracema Norte field in Brazil. It can process 150,000 barrels of oil and 280 million cubic feet of gas per day.

Sam Duke - Editor