Project financing was secured by a consortium of 11 international banks, the company noted, adding that it expects to draw the loan in full, phased over the construction period of the FPSO. The names of the banks were not released by the company. SBM Offshore noted that 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 and carries a variable interest rate plus 1.60 percent, the company revealed. The new FPSO will be designed to produce 220,000 barrels of oil per day and will have an associated gas treatment capacity of 400 million cubic feet per day, as well as a water injection capacity of 250,000 barrels per day. It will be able to store around two million barrels of crude oil, SBM Offshore highlighted. The Prosperity FPSO project is part of the Payara development offshore Guyana. Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil Corporation, is the operator of the development 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 the remaining 25 percent stake.
SBM Offshore’s main activities comprise the design, supply, installation, operation, and life extension of floating production solutions for the offshore energy industry over the full lifecycle, according to its website. The business, which is headquartered in Amsterdam, the Netherlands, employed more than 4,500 people as of December 31, 2020, its site shows.