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FPSO Cidade de Ilhabela Consortium Closes On $1.05 Billion Loan Facility

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August 6, 2012

QGOG Constellation, SBM Offshore N.V. and Mitsubishi Corporation, joint venture partners at the FPSO Cidade de Ilhabela project, announced today that they have secured a loan of USD $1.05 billion to finance the project which is being constructed in Guangzhou, China.

The loan contract, structured as a Limited Recourse Project Finance, will be repaid over a period of 10 years, starting at the first oil date, which is expected to be in September 2014. The contract will benefit from a competitive package of conditions obtained through a group of international ...

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