SBM takes loan to build new oil production ship

Apr 19, 2024 ExxonMobil, News, Oil & Gas

…to repay when Exxon pays-up from cost oil

Kaieteur News – Dutch Floater Specialist coming off a record year of profits and more recently securing the contract to supply the Jaguar Floating Production Storage and Offloading vessel has had to secure a loan in order to fund its construction.

This much was confirmed yesterday by the SBM Offshore which announced that it has secured a US$250M term loan facility to fund the construction of the oil ship. The company said that the loan facility will be fully drawn in the coming days to finance FPSO construction activities. The bridge loan is 12 months with an extension option for another six months, SBM added without disclosing the lender of the loan. “That drawdown is to be paid by the Contractor, namely the ExxonMobil led consortium developing the US$12.7B Whiptail Development Project.” Ownership of the floater will transfer to ExxonMobil before the FPSO is deployed offshore Guyana. SBM Offshore will operate the vessel for a decade. The Jaguar FPSO will be spread moored in about 1639 metres of water and will be able to store 2 million barrels of crude.

One day after ExxonMobil Guyana secured its Petroleum Production Licence, SBM Offshore last Friday announced that it will be constructing Guyana’s sixth Floating Production Storage and Offloading (FPSO) vessel, Jaguar. The vessel will be designed to produce 250,000 barrels of oil per day, and will have associated gas treatment capacity of 540 million cubic feet per day and water injection capacity of 300,000 barrels per day.

Dutch Floater Specialist, licence, oil, production, SBM Offshore, ship

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