Offshore staff
AMSTERDAM – SBM Offshore has secured $1.05 billion in financing for the FPSO Prosperity that will operate at the Payara field development offshore Guyana.
The project financing was secured by a consortium of 11 international banks. 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 pre-completion guarantee has been released. The project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest rate plus 1.60%.
The Prosperity will use a design that largely replicates the design of the FPSO Liza Unity. The design is based on SBM’s Fast4Ward program that incorporates the company’s newbuild, multi-purpose hull combined with several standardized topsides modules.
The FPSO Prosperity will be designed to produce 220,000 b/d of oil, have associated gas treatment capacity of 400 MMcf/d, and water injection capacity of 250,000 b/d. The FPSO will be spread moored in water depth of about 1,900 m (6,234 ft) and will be able to store around 2 MMbbl of crude oil.
The Payara project is the third development in the Stabroek block, circa 200 km (124 mi) offshore Guyana. ExxonMobil Corp. affiliate Esso Exploration and Production Guyana Ltd. is the operator and holds a 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Petroleum Guyana Ltd. holds a 25% interest.
First oil is targeted for 2024.
06/25/2021
