SBM secures financing for second Liza FPSO

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

The FPSO Liza Unity is under construction at the Shanghai Waigaoqiao Shipbuilding and Offshore Co. shipyard in China.
The FPSO Liza Unity is under construction at the Shanghai Waigaoqiao Shipbuilding and Offshore Co. shipyard in China.
(Courtesy SBM Offshore)

Offshore staff

SCHIEDAM, the Netherlands SBM Offshore has completed the project financing of the FPSO Liza Unity for a total of $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 vessel 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 FPSO Liza Unity design is based on SBM’s Fast4Ward program, which incorporates a newbuild, multi-purpose hull combined with standardized topsides modules.

The FPSO is designed to produce 220,000 b/d of oil, with associated gas treatment capacity of 400 MMcf/d, water injection capacity of 250,000 b/d and storage capacity of 2 MMbbl.

The Liza Unity is part of the Liza Phase 2 development offshore Guyana. Located about 200 km (124 mi) offshore in the Stabroek block, the FPSO will be spread moored in a water depth of about 1,600 m (5,249 ft).

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. is the operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Ltd. holds 25% interest.  

10/16/2019

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