SBM Offshore completes US$1.75 billion financing of ONE GUYANA
SBM Offshore announced the completion of project financing for FPSO ONE GUYANA, totaling US$1.75 billion. The financing, secured through a consortium of 15 banks, will be drawn over the construction period and will be non-recourse post-completion. The FPSO is set to produce approximately 250,000 barrels of oil per day and will have gas treatment and water injection capacities of 450 million cubic feet and 300,000 barrels per day, respectively. The project is part of the Yellowtail development in the Stabroek block, with Exxon Mobil holding a significant interest.
- Secured US$1.75 billion financing for the FPSO project.
- The FPSO is expected to produce up to 250,000 barrels of oil per day.
- The project enhances SBM Offshore's portfolio in the lucrative Guyanese market.
- None.
July 21, 2022
SBM Offshore is pleased to announce it has completed the project financing of FPSO ONE GUYANA for a total of US
The project financing was secured by a consortium of 15 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 is in line with the duration of the charter hence a two-year tenor post-completion and carries a variable interest rate based on SOFR plus
The FPSO ONE GUYANA builds on the experience to date of FPSOs Liza Destiny, Liza Unity and Prosperity. 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 approximately 250,000 barrels of oil per day, will have associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil.
The project is part of the Yellowtail development which is the fourth 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, a wholly-owned subsidiary of CNOOC Limited, holds a 25 percent interest.
Corporate Profile
SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for renewable energy sources.
More than 5,000 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.
For further information, please visit our website at www.sbmoffshore.com.
The Management Board
Amsterdam, the Netherlands, July 21, 2022
| Financial Calendar | Date | Year |
| Half Year 2022 Earnings | August 4 | 2022 |
| Third Quarter 2022 Trading Update | November 10 | 2022 |
| Full Year 2022 Earnings | February 23 | 2023 |
| Annual General Meeting | April 13 | 2023 |
| First Quarter 2023 Trading Update | May 11 | 2023 |
For further information, please contact:
Investor Relations
Ludovic Robino
Investor Relations Manager
| Mobile: | +31 (0) 6 15 16 50 35 |
| E-mail: | ludovic.robino@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 |
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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 ‘Risk Management’ section of the 2021 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.
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.
"SBM Offshore®", the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “Float4WindTM” are proprietary marks owned by SBM Offshore.
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FAQ
What is the total financing amount for FPSO ONE GUYANA?
When will SBM Offshore draw the loan for the FPSO project?
What are the production capacities of FPSO ONE GUYANA?
Which companies are involved in the Stabroek block development?
What is the estimated water depth for FPSO ONE GUYANA?
