SBM Offshore completes US$1.14B financing of Liza Unity

Oct 17, 2019 News

Financial Buzz – SBM Offshore is pleased to announce that it completed the project financing of FPSO Liza Unity for a total of US$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 FPSO 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 Liza Unity hull

The Liza Unity FPSO design is based on SBM Offshore’s industry leading Fast4Ward® programme as it incorporates the Company’s new build, multi-purpose hull combined with several standardised topsides modules.
The FPSO will be designed to produce 220,000 barrels of oil per day, and will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,600 meters and will be able to store around 2 million barrels of crude oil.
The Liza field is located circa 200 kilometers offshore Guyana in the Stabroek Block. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.
SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore Group.
SBM Offshore provides floating production solutions to the offshore energy industry, over the full product lifecycle.
The company is leading the market in leased floating production systems delivered to date, with multiple units currently in operation and has unrivalled operational experience in this field. The company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry.

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