SBM Offshore completes $720-million financing of Liza

12/20/2017

AMSTERDAM -- SBM Offshore is pleased to announce that on Dec. 19, 2017, it completed the project financing of FPSO Liza for a total of $720 million.

The project financing was secured by 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%.

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 bopd, will have associated gas treatment capacity of circa 170 MMcfd and water injection capacity of circa 200,000 bpd. The converted Very Large Crude Carrier (VLCC) FPSO will be spread moored at the Liza field located in the Stabroek block circa 200 km offshore Guyana, in water depth of 1,525 m and will be able to store 1.6 MMbbl of crude oil. Esso Exploration and Production Guyana Limited is the operator and holds a 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25% interest.

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