SBM Offshore is pleased to announce it has completed the project financing of FPSO Prosperity for a total of US$1.05 billion. The project financing was secured by a consortium of 11 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 has a tenor of two years post-completion, in line with the duration of the charter, and carries a variable interest rate plus 1.60%.
Fast4Ward® program
The Prosperity FPSO will utilise a design that largely replicates the design of the Liza Unity FPSO
The Prosperity FPSO will utilise a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s industry-pioneering Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardised topside modules.
The FPSO will be designed to produce 220,000 barrels of oil per day and will have an associated gas treatment capacity of 400 million cubic feet per day and a water injection capacity of 250,000 barrels per day. The FPSO will be spread-moored in a water depth of about 1,900 metres and will be able to store around two million barrels of crude oil.
Payara development
The project is part of the Payara development which is the third development within the Stabroek block, circa 200 kilometres offshore Guyana.
Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil Corporation, is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited holds a 25 percent interest.