SBM Offshore completes US$1.75Bn FPSO financing

The company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the precompletion guarantee has been released.

The project loan is in line with the duration of the charter and a two-year tenor post-completion. The variable interest rate is based on SOFR plus a 2.2% margin.

One Guyana is SBM’s fourth FPSO for ExxonMobil’s Guyanese deepwater project and builds on the experience of the company’s previous vessels, Liza Destiny, Liza Unity and Prosperity. The vessel design is based on SBM Offshore’s Fast4Ward programme that incorporates the newbuild, multi-purpose hull combined with several standardised topsides modules. The turnkey phase of the project will be executed by a special purpose company established by SBM Offshore and McDermott in which SBM holds a 70% interest.

One Guyana will be capable of producing approximately 250,000 barrels of oil per day, with an associated gas treatment capacity of 450M ft³ per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of 1,800 m and is capable of storing 2M barrels of crude oil.

The project is part of the Yellowtail deepwater development, the fourth development within the Stabroek block, 200 km offshore Guyana. Esso Exploration and Production Guyana Ltd, an affiliate of ExxonMobil, serves as the block operator and holds a 45% interest. Hess Guyana Exploration holds 30% and a CNOOC subsidiary, CNOOC Petroleum Guyana Ltd holds a 25% interest.