SBM Offshore Completes Funding for Over $ 1 Billion FPSO Project | Rigzone

SBM Offshore announced that it has finalized the financing of the FPSO Prosperity project for a total amount of $ 1.05 billion.

Funding for the project was guaranteed by a consortium of 11 international banks, the company noted, adding that it planned to withdraw the entire loan, spread over the period of construction of the FPSO. The names of the banks were not disclosed by the company.

SBM Offshore noted that the financing will become non-recourse once the FPSO is completed and the pre-completion guarantee is released. The project loan has a term of two years after completion and carries a variable interest rate plus 1.60%, the company revealed.

The FPSO Prosperity will use a design that largely mimics the design of the FPSO Liza Unity, according to SBM Offshore. The new FPSO will be designed to produce 220,000 barrels of oil per day and will have an associated gas processing capacity of 400 million cubic feet per day, as well as a water injection capacity of 250,000 barrels per day. It will be able to store around two million barrels of crude oil, said SBM Offshore.

The FPSO Prosperity project is part of the development of Payara off the coast of Guyana. Esso Exploration and Production Guyana Limited, a subsidiary of Exxon Mobil Corporation, is the operator of the development and owns a 45% stake in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30 percent stake and CNOOC Petroleum Guyana Limited owns the remaining 25 percent.

The main activities of SBM Offshore include the design, supply, installation, operation and life extension of floating production solutions for the offshore energy industry over the entire life cycle. , according to its website. The company, headquartered in Amsterdam, the Netherlands, employed more than 4,500 people as of December 31, 2020, its site says.

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