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 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.