Offshore staff
SCHIPHOL, Netherlands — SBM Offshore has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion.
The project financing was secured by a consortium of 15 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 is in line with the duration of the charter hence a two-year tenor post-completion and carries a variable interest rate based on SOFR plus 2.2% margin.
The ONE GUYANA FPSO builds on the experience to date of the Liza Destiny, Liza Unity and Prosperity FPSOs. As such, the design is based on SBM Offshore’s Fast4Ward program that incorporates the company’s newbuild, multi-purpose hull combined with several standardized topsides modules.
The FPSO will be designed to produce about 250,000 bbl/d of oil, will have associated gas treatment capacity of 450 MMcf/d and water-injection capacity of 300,000 bbl/d. The FPSO will be spread moored in water depth of about 1,800 m and will be able to store about 2 MMbbl of crude oil.
The project is part of the Yellowtail development, which is the fourth development within the Stabroek Block, circa 200 km offshore Guyana.
Esso Exploration and Production Guyana Ltd., an affiliate of Exxon Mobil Corp., 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., a wholly owned subsidiary of CNOOC Ltd., holds a 25% interest.
07.21.2022
