SBM Seals $ 1.05 Billion Deal to Fund FPSO Project in Guyana

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Dutch floater specialist SBM offshore has completed the $ 1.05 billion floating production storage and loading (FPSO) project financing Prosperity Set for the Payara development project in the Stabroek Block off Guyana operated by Esso Exploration and Production Guyana Limited, an ExxonMobil subsidiary.

The project financing was secured by a consortium of 11 international banks. SBM Offshore expects to be able to draw on the loan in full over the construction period of the FPSO. The project loan has a term of two years after completion, corresponding to the term of the charter, and carries a variable interest rate plus 1.60%.

The Prosperity FPSO will use a design that largely resembles the design of the Lisa unit FPSO, based on SBM Offshore’s Fast4Ward program, which includes a multi-purpose hull combined with several standardized topside modules.

The FPSO will be designed for 220,000 barrels per day, an associated gas treatment capacity of 400 m³ / day and a water injection capacity of 250,000 barrels per day. The plant is moored at a depth of around 1,900 m and can store around 2 million barrels of crude oil.

Payara is the third development within the Stabroek Block, approximately 200 km off the coast of Guyana. Esso Exploration and Production Guyana Limited has a 45% interest in the Stabroek block, Hess a 30% interest and CNOOC a 25% interest.



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