Latest update March 12th, 2026 9:56 PM
ExxonMobil now owns all four FPSOs in the Stabroek Block
…as company completes US$2.3B purchase of largest oil ship
(Kaieteur News) – Energy giant ExxonMobil has completed the purchase of Guyana’s fourth and largest Floating Production Storage and Offloading vessel (FPSO), One Guyana.
SBM Offshore, the Dutch ship builder made the announcement this week. It said that Exxon’s maximum lease term would have expired in August 2027. The purchase allows ExxonMobil Guyana, a subsidiary of the corporation to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2035.
SBM said, “The transaction comprises a total cash consideration of c. US$2.32 billion. The net cash proceeds have been primarily used for the full repayment of the US$1.74 billion project financing and as such materially decreased SBM Offshore’s net debt position.”
The One Guyana FPSO
The ‘One Guyana’ FPSO has been on hire since August 2025 and will continue to be operated through the integrated operations and maintenance model, combining SBM Offshore’s and ExxonMobil Guyana’s expertise and experience.
ExxonMobil announced the arrival of the fourth FPSO in April 2025. The vessel later commenced production activities in August that year, increasing Guyana’s daily oil production capacity to 900,000 barrels. As such, the purchase of the FPSO has been completed in just six months after it commenced operations offshore.
Notably, the American oil major already owns the other three FPSOs that operate in the prolific Stabroek Block.
In December 2024, SBM announced that ExxonMobil finalised the purchase of a third FPSO, the Liza Destiny, ahead of the maximum lease term, which would have expired in December 2029. The purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2033.
“The transaction comprises a total cash consideration of c. US$535 million. The net cash proceeds will primarily be used for the full repayment of the US$405 million project financing and as such will decrease SBM Offshore’s net debt position,” SBM said in a statement.
Meanwhile, it was reported that the second FPSO purchase was completed by Exxon in November 2024 for the Prosperity FPSO at a cost of US$1.23B. The transaction was done ahead of the maximum lease term, which would have expired in November 2025.
The Liza Unity was the first FPSO purchase done by ExxonMobil in November 2023. At that time, the maximum lease term had only a few months remaining and would have expired in February 2024. That transaction was valued at US$1.26 billion.
This means that the four FPSOs carry a collective price tag of US$5.345B.
While the purchases were completed by ExxonMobil Guyana will be financing the cost of the FPSOs in accordance with the 2016 Petroleum Agreement. The contract states that the contractor, ExxonMobil, can take up to 75% of the oil produced monthly to cover costs associated with production activities in the Stabroek Block. Expenses not covered in any month are taken over to the next month and will continue until the country repays the contractor for all of its investments.
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