SBM Offshore is pleased to announce it has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion.
The project financing was secured by a consortium of 15 international banks. The Company expects to draw the loan in full, phased over the construction period of the FPSO.
Project loan
The financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released.
The project loan is in line with the duration of the charter hence a two-year tenor post-completion and carries a variable interest rate based on SOFR plus 2.2% margin.
Multi-purpose hull, Fast4Ward® programme
The FPSO will be designed to produce approximately 250,000 barrels of oil per day
The FPSO ONE GUYANA builds on the experience to date of FPSOs Liza Destiny, Liza Unity, and Prosperity. As such, the design is based on SBM Offshore’s industry-renowned Fast4Ward® programme that incorporates the Company’s new build, a multi-purpose hull combined with several standardised topsides modules.
The FPSO will be designed to produce approximately 250,000 barrels of oil per day, will have an associated gas treatment capacity of 450 million cubic feet per day, and a water injection capacity of 300,000 barrels per day. The FPSO will be spread-moored in a water depth of about 1,800 metres and will be able to store around 2 million barrels of crude oil.
Yellowtail development
The project is part of the Yellowtail development which is the fourth 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, a wholly-owned subsidiary of CNOOC Limited, holds a 25 percent interest.
