FPSO Destiny Purchase by ExxonMobil Guyana Completed
SBM Offshore and ExxonMobil Guyana have completed the sale transaction of FPSO Liza Destiny for approximately US$535 million. The deal was finalized ahead of the maximum lease term, which would have expired in December 2029. Under the agreement, ExxonMobil Guyana assumes ownership while SBM Offshore will continue to operate and maintain the FPSO until 2033.
The net cash proceeds will be primarily used to repay the US$405 million project financing, reducing SBM Offshore's net debt position. The FPSO has been operational since December 2019, and since 2023 has been operated through an integrated operations and maintenance model combining both companies' expertise.
SBM Offshore e ExxonMobil Guyana hanno completato la transazione di vendita del FPSO Liza Destiny per circa 535 milioni di dollari USA. L'affare è stato finalizzato prima della scadenza massima del contratto di locazione, che sarebbe scaduto a dicembre 2029. Ai sensi dell'accordo, ExxonMobil Guyana assume la proprietà mentre SBM Offshore continuerà a gestire e mantenere il FPSO fino al 2033.
Le entrate nette saranno principalmente utilizzate per ripagare il finanziamento del progetto di 405 milioni di dollari USA, riducendo così la posizione di indebitamento netto di SBM Offshore. Il FPSO è operativo dal dicembre 2019 e dal 2023 è gestito attraverso un modello integrato di operazioni e manutenzione che combina l'esperienza di entrambe le aziende.
SBM Offshore y ExxonMobil Guyana han completado la transacción de venta del FPSO Liza Destiny por aproximadamente 535 millones de dólares estadounidenses. El acuerdo se finalizó antes del máximo periodo de arrendamiento, que habría expirado en diciembre de 2029. Según el acuerdo, ExxonMobil Guyana asume la propiedad mientras que SBM Offshore continuará operando y manteniendo el FPSO hasta 2033.
Los ingresos netos se utilizarán principalmente para pagar el financiamiento del proyecto de 405 millones de dólares estadounidenses, reduciendo así la posición de deuda neta de SBM Offshore. El FPSO ha estado en operación desde diciembre de 2019 y, desde 2023, ha sido operado a través de un modelo integrado de operaciones y mantenimiento que combina la experiencia de ambas empresas.
SBM Offshore와 ExxonMobil Guyana는 FPSO Liza Destiny의 판매 거래를 약 5억 3천 5백만 달러에 완료했습니다. 이 거래는 2029년 12월에 만료될 최대 임대 기간 이전에 마무리되었습니다. 계약에 따라 ExxonMobil Guyana는 소유권을 인수하고 SBM Offshore는 2033년까지 FPSO를 운영하고 유지할 것입니다.
순 현금 수익은 주로 4억 5백만 달러의 프로젝트 자금을 상환하는 데 사용되어 SBM Offshore의 순 부채를 줄이는 데 기여할 것입니다. FPSO는 2019년 12월부터 운영 중이며, 2023년부터는 두 회사의 전문성을 결합한 통합 운영 및 유지 관리 모델을 통해 운영되고 있습니다.
SBM Offshore et ExxonMobil Guyana ont finalisé la transaction de vente du FPSO Liza Destiny pour environ 535 millions de dollars américains. L'accord a été clôturé avant l'expiration de la durée maximale de bail, qui aurait dû prendre fin en décembre 2029. Selon l'accord, ExxonMobil Guyana assume la propriété tandis que SBM Offshore continuera d'exploiter et de maintenir le FPSO jusqu'en 2033.
Les produits nets seront principalement utilisés pour rembourser le financement de projet de 405 millions de dollars américains, réduisant ainsi la position d'endettement net de SBM Offshore. Le FPSO est opérationnel depuis décembre 2019 et, depuis 2023, il est exploité selon un modèle intégré d'opérations et de maintenance combinant l'expertise des deux entreprises.
SBM Offshore und ExxonMobil Guyana haben die Verkaufs Transaktion des FPSO Liza Destiny für etwa 535 Millionen US-Dollar abgeschlossen. Der Deal wurde vor Ablauf der maximalen Mietdauer finalisiert, die im Dezember 2029 enden würde. Laut Vereinbarung übernimmt ExxonMobil Guyana das Eigentum, während SBM Offshore weiterhin den FPSO bis 2033 betreibt und wartet.
Die Nettobarerträge werden hauptsächlich verwendet, um die 405 Millionen US-Dollar Projektfinanzierung zurückzuzahlen, wodurch die Nettoverschuldung von SBM Offshore reduziert wird. Der FPSO ist seit Dezember 2019 in Betrieb, und seit 2023 wird er durch ein integriertes Betriebs- und Wartungsmodell betrieben, das die Expertise beider Unternehmen kombiniert.
- Sale transaction generates US$535 million in cash proceeds
- US$405 million debt reduction through project financing repayment
- Secured operations and maintenance contract extension until 2033
- Early completion of sale ahead of 2029 lease expiration
- Loss of long-term lease revenue stream until 2029
Amsterdam, December 19, 2024
SBM Offshore and ExxonMobil Guyana Ltd, an affiliate of Exxon Mobil Corporation, have completed the transaction related to the purchase of FPSO 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
The FPSO Liza Destiny has been on hire since December 2019 and since 2023 has and will continue to be operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience delivering outstanding operational performance.
Corporate Profile
SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.
More than 7,400 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.
For further information, please visit our website at www.sbmoffshore.com.
| Financial Calendar | Date | Year | |
| Extraordinary General Meeting | | January 17 | 2025 |
| Full Year 2024 Earnings | | February 20 | 2025 |
| Annual General Meeting | | April 9 | 2025 |
| First Quarter 2025 Trading Update | | May 15 | 2025 |
| Half Year 2025 Earnings | | August 7 | 2025 |
| Third Quarter 2025 Trading Update | | November 13 | 2025 |
For further information, please contact:
Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager
| Phone: | +31 (0)20 236 32 36 |
| E-mail: | wouter.holties@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Giampaolo Arghittu
Head of External Relations
| Phone: | +31 (0)6 212 62 333 / +39 33 494 79 584 |
| E-mail: | giampaolo.arghittu@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
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Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impact, Risk and Opportunity Management’ section of the 2023 Annual Report.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.
This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half-Year Management Report accompanying the Half Year Earnings 2024 report, available on our website https://www.sbmoffshore.com/investors/financial-disclosures.
Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
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FAQ
How much did ExxonMobil Guyana pay for FPSO Liza Destiny (SBFFF)?
How will SBM Offshore (SBFFF) use the proceeds from the FPSO Liza Destiny sale?
Until when will SBM Offshore (SBFFF) operate the FPSO Liza Destiny?
When did the FPSO Liza Destiny originally start operations under SBFFF?
When was the original lease term for FPSO Liza Destiny (SBFFF) set to expire?
