SBM Offshore Gets USD 750 Mln Loan for Liza FPSO

VLCC to be converted into FPSO

SBM Offshore has completed the project financing of FPSO Liza, to be deployed in the Stabroek block, offshore Guyana, for a total of USD 720 million.

The project financing was secured by a consortium of twelve international banks.

FPSO Liza 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.

SBM Offshore awarded Keppel Shipyard the conversion contract of the FPSO in October. The contract is for the conversion of a Very Large Crude Carrier (VLCC) into an FPSO which will be spread moored at the Liza field circa 200 kilometers offshore Guyana, in water depth of 1,525 meters.

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

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