Dutch marine energy group SBM Offshore has completed the project financing of floating production storage and offloading (FPSO) vessel Liza Unity for a total of USD 1.14 billion.

As informed, 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 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 percent.

The Liza Unity FPSO design is based on SBM Offshore’s Fast4Ward program as it incorporates the company’s newbuild, multipurpose hull combined with several standardized topsides modules.

The FPSO will be designed to produce 220,000 barrels of oil per day, will have an associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. It 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. It is operated by ExxonMobil’s affiliate Esso Exploration and Production Guyana Limited which holds the 45 percent interest in the Stabroek Block. Other shareholders include Hess Guyana Exploration (30 percent) and CNOOC Petroleum Guyana Limited (25 percent).

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