The Japan Bank for International Cooperation (JBIC, Governor, CEO: Hiroshi Watanabe) signed today a loan agreement in the aggregate amount of up to about USD252 million (JBIC portion) with Tartaruga MV29 B.V. (TARMV29), a company incorporated in the Netherlands in which MODEC, Inc. (MODEC), Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation have equity stakes. The loan, provided as project financing*1
, will support a project in which a long-term FPSO*2
system chartering service will be offered by TARMV29 to Petróleo Brasileiro S.A. (Petrobras), a state-owned oil company in Brazil, for the development of the Tartaruga Verde and Tartaruga Mestica oil fields*3
that Petrobras has interests in off the coast of Brazil. The loan is cofinanced with Sumitomo Mitsui Banking Corporation (lead arranger), Mizuho Bank, Ltd., ING Bank N.V., Overseas-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., DVB Bank SE, Natixis, Sociètè Gènèrale, Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Crèdit Industriel et Commercial. The total cofinancing amount is about USD1,263 million.