Sapinhoá petrobras

Mitsubishi and Partners Sign 20 Year FPSO Charter Offshore Brazil

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April 2, 2012

TOKYO (Dow Jones)–Mitsubishi Corp. (8058.TO) said Monday that it and two other companies have signed contracts to charter and operate a floating production, storage and offloading system for 20 years for Brazil’s state-owned Petróleo Brasileiro SA (PBR), or Petrobras.

Mitsubishi Corp.’s partners are SBM Offshore NV (SBMO.AE), a major global FPSO engineering company, and Queiroz Galvão Óleo e Gás SA, a Brazilian oil and gas developer, Mitsubishi Corp. said in a statement.

Mitsubishi Corp. said it has partnered with SBM since February 2011 to jointly pursue FPSO lease-and-operate projects, and this will be the first such project they have secured together.

Under the terms of deals, the three partners will deliver an FPSO for use in developing the north part of Sapinhoá oil field offshore Brazil in the second half of 2014, with a processing capacity of 150,000 barrels a day crude, Mitsubishi Corp. said.

-By Mari Iwata, Dow Jones Newswires

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