SBM Offshore completes US$1.05 billion financing of Prosperity
On June 25, 2021, SBM Offshore announced the successful completion of project financing for the FPSO Prosperity totaling US$1.05 billion. The financing was backed by a consortium of 11 international banks. The loan will be drawn during construction and will convert to non-recourse upon completion. The Prosperity FPSO will produce 220,000 barrels of oil per day, with gas treatment and water injection capacities of 400 million cubic feet and 250,000 barrels, respectively. This project is part of the Payara development in the Stabroek block, offshore Guyana.
- Secured US$1.05 billion in project financing from a consortium of 11 banks.
- FPSO Prosperity designed to produce 220,000 barrels of oil per day.
- Project is part of the strategic Payara development in the Stabroek block, enhancing operational capacity.
- None.
June 25, 2021
SBM Offshore is pleased to announce it has completed the project financing of FPSO Prosperity for a total of US
The project financing was secured by a consortium of 11 international banks. The Company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released. The project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest rate plus
The Prosperity FPSO will utilize a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules. The FPSO will be designed to produce 220,000 barrels of oil per day, will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,900 meters and will be able to store around 2 million barrels of crude oil.
The project is part of the Payara development which is the third development within the Stabroek block, circa 200 kilometers offshore Guyana. Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil Corporation, is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited holds a 25 percent interest.
Corporate Profile
The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.
As of December 31, 2020, the Company employs approximately 4,570 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.
SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.
Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies “SBM Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our website at www.sbmoffshore.com.
The Management Board
Amsterdam, the Netherlands, June 25, 2021
| Financial Calendar | Date | Year |
| Half Year 2021 Earnings – Press Release | August 5 | 2021 |
| Trading Update 3Q 2021 – Press Release | November 11 | 2021 |
| Full Year 2021 Earnings – Press Release | February 10 | 2022 |
| Annual General Meeting | April 6 | 2022 |
| Trading Update 1Q 2022 – Press Release | May 12 | 2022 |
For further information, please contact:
Investor Relations
Bert-Jaap Dijkstra
Group Treasurer and IR
| Mobile: | +31 (0) 6 21 14 10 17 |
| E-mail: | bertjaap.dijkstra@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Vincent Kempkes
Group Communications Director
| Mobile: | +377 (0) 6 40 62 87 35 |
| E-mail: | vincent.kempkes@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Disclaimer
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. 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. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV 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 subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.
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FAQ
What is the total amount of project financing for SBM Offshore's FPSO Prosperity?
When will SBM Offshore draw the loan for the FPSO Prosperity?
What are the production capacities of the FPSO Prosperity?
Which project is the FPSO Prosperity part of?
Who are the stakeholders in the Stabroek block project?
