SBM did not disclose terms. The structure is designed to produce 180,000 barrels of oil per day, and have a minimum storage capacity of 1.4 million barrels of crude oil, SBM said.
The contract is the first since SBM paid more than $200 million to settle charges it paid bribes before 2012 to secure contracts with Petrobras, which has been at the center of Brazil’s largest corruption scandal amid investigations into a political kickback scheme involving contractors.
SBM had been blocked from the Brazilian market, one of its largest, until a final settlement last year.
“The signing of this letter of intent demonstrates again that SBM Offshore has started a new era of growth,” Bruno Chabas, CEO, said.
“Not only does this award represent the company’s re-entry in Brazil, one of the most important markets for the company with one of our key customers, it also re-confirms the competitiveness of our products,” he said.