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US Ex-Im Bank has approved a US$39mn loan guarantee to support the sale of US equipment to a wholly-owned subsidiary of Brazil’s Petrobras, to be installed on one of the world’s largest oil production platforms off the coast of Brazil.

Using equipment provided by Petreco International and National Tank Co, both of Houston, and numerous other US suppliers, Petrobras will build the P-52 semi-submersible floating platform to be stationed in the Roncador Oil Field, located 80 miles off Brazil’s coast in the Campos Basin. It will produce 180,000 barrels of oil and 330mn cubic feet of gas per day.

“Not only will this transaction support US exports and jobs around the country, as well as Brazil’s economic development, but it also could pave the way for significant future US export sales related to well drilling and completion work,” says Ex-Im Bank chairman Philip Merrill. “And 41% of the export sale involves small businesses.”

The guaranteed lender on the transaction is BNP-Paribas, New York. Other export credit agencies also are contributing to the financing of the platform project.