SBM Offshore Seals USD 720 Mn Loan for FPSO Liza

Image Courtesy: SBM Offshore

Dutch-based SBM Offshore said that it has completed the project financing of FPSO Liza for a total of USD 720 million with a consortium of twelve 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 guarantees have been released. The post completion project loan has a tenor of ten years, with a variable interest cost of LIBOR plus 1.65 percent,” SBM Offshore said in a statement.

The Bahamas-flagged Tina Very Large Crude Carrier (VLCC) arrived in November at Singapore’s Keppel shipyard for conversion to an FSPO. The conversion includes upgrade work on the hull and integration of topsides.

Once completed, FPSO Liza is ultimately destined for the Liza Phase 1 project in Guyana, in the Stabroek block circa, and will be able to store 1.6 million barrels of crude oil.

The FPSO is owned and will be operated by SBM Offshore. The lease and operate contract includes an initial period of ten years with extension options up to an additional ten years.

The FPSO is designed to produce up to 120,000 barrels of oil per day, will have associated gas treatment capacity of circa 170 million cubic feet per day and water injection capacity of circa 200,000 barrels per day.

Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30 percent interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >