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SBM Offshore completes financing of Liza Unity FPSO

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Oilfield Technology,


SBM Offshore has completed the project financing of FPSO Liza Unity for a total of US$1.14 billion.

The project financing was secured by a consortium of nine 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 guarantees have 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 cost of LIBOR plus 1.50%.

The Liza Unity FPSO design is based on SBM Offshore’s Fast4Ward® programme as it incorporates the company’s new build, multi-purpose hull combined with several standardised topsides modules. The FPSO will be designed to produce 220 000 bpd of oil, will have associated gas treatment capacity of 400 million ft3/d and water injection capacity of 250 000 bpd. The FPSO will be spread moored in water depth of about 1600 m and will be able to store around 2 million bbl of crude oil.

The Liza field is located circa 200 km offshore Guyana in the Stabroek block. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25% interest.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/17102019/sbm-offshore-completes-financing-of-liza-unity-fpso/

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