SBM Offshore Completes $1.75bn Financing of ONE GUYANA

(SBM Offshore, 21.Jul.2022) — SBM Offshore has completed the project financing of FPSO ONE GUYANA for a total of $1.75bn.

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. 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.

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 leading Fast4Ward® program that incorporates the company’s new build, multi-purpose hull combined with several standardized topsides modules.

The FPSO will be designed to produce approximately 250,000 barrels of oil per day, will have associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil.

The project is part of the Yellowtail development which is the fourth development within the Stabroek block, circa 200 kilometers 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.

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