Sodium-cooled fast reactor (SFR) is considered the most promising of the Generation IV reactors for their near-term demonstration of power generation. Small modular SFRs (SM-SFRs) have less investment risk, can be deployed more quickly, are easier to operate and are more flexible in comparison to large nuclear reactor. Currently, SFRs use the proven Rankine steam cycle as the power conversion system. However, a key challenge is to prevent dangerous sodium-water reaction that could happen in SFR coupled to steam cycle. Nitrogen gas is inert and does not react with sodium. Hence, intercooled closed Brayton cycle (CBC) using nitrogen as working fluid and with a single shaft configuration has been one common power conversion system option for possible near-term demonstration of SFR. In this work, a new two shaft nitrogen CBC with parallel turbines was proposed to further simplify the design of the turbomachinery and reduce turbomachinery size without compromising the cycle efficiency. Furthermore, thermodynamic performance analysis and preliminary design of components were carried out in comparison with a reference single shaft nitrogen cycle. Mathematical models in Matlab were developed for steady state thermodynamic analysis of the cycles and for preliminary design of the heat exchangers, turbines and compressors. Studies were performed to investigate the impact of the recuperator minimum terminal temperature difference (TTD) on the overall cycle efficiency and recuperator size. The effect of turbomachinery efficiencies on the overall cycle efficiency was examined. The results showed that the cycle efficiency of the proposed configuration was comparable to the 39.44% efficiency of the reference cycle. In addition, the study indicated that the new configuration has the potential to simplify the design of turbomachinery, reduce the size of turbomachinery and provide opportunity for improving the efficiency of the turbomachinery. The findings so far revealed that the proposed two-shaft CBC with nitrogen as working fluid could be a promising power conversion system for SM-SFRs near-term demonstration. Keywords Sodium-cooled fast reactor Closed Brayton cycle Nitrogen working fluid Thermodynamic analysis Heat exchanger design Turbomachinery design Highlights Nitrogen closed Brayton cycle for small modular sodium-cooled fast reactor studied Thermodynamic modelling and analysis of closed Brayton cycle performed Two-shaft configuration proposed and performance compared to single shaft Preliminary design of heat exchangers and turbomachinery carried out