SBM Offshore completes US$1.14 billion financing of Liza Unity FPSO

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 program as it incorporates the company’s new build, multi-purpose hull combined with several standardized topsides modules. The FPSO will be designed to produce 220,000 boepd, will have associated gas treatment capacity of 400 MMcfd and water injection capacity of 250,000 bpd. The FPSO will be spread moored in water depth of about 1,600 meters and will be able to store around 2 MMbbl of crude oil.

The Liza field is located circa 200 kilometers 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.

Source: World Oil