Third oil ship to cost $200B – Dutch manufacturer

Jun 26, 2021 News

Kaieteur News – SBM Offshore was pleased to disclose yesterday that it was able to secure financing to construct Guyana’s third oil ship, called Prosperity. The Dutch shipmaker noted that Prosperity which will be used in the Stabroek Block’s Payara Project will cost US$1.05B (over GYD $200B).

SBM said the financing was secured from a consortium of 11 international banks while adding that it expects to draw the loan in full, phased over the construction period of the Prosperity Floating, Production, Storage, and Offloading (FPSO) Vessel. The financing will also become non-recourse once the FPSO is completed and the pre-completion guarantee has been released. The project loan carries a variable interest rate plus 1.60% SBM stated.

Kaieteur News understands that the Prosperity FPSO will utilise a design that largely replicates the design of the Liza Unity FPSO, which is on its way to Guyana for hook-up in the Liza Phase Two Project. As such, the design is based on SBM Offshore’s industry-leading Fast4Ward® programme that incorporates the company’s new build, multi-purpose hull combined with several standardised topsides modules.

Furthermore, SBM said the FPSO will be designed to produce 220,000 barrels of oil per day, 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 1,900 meters and will be able to store around 2 million barrels of crude oil.

The project is part of the Payara development, which is the third development within the Stabroek Block, located 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 holds a 25 percent interest.

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