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SBM Offshore closes $1.14B financing for Liza Unity floating production vessel

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SBM Offshore closes $1.14B financing for Liza Unity floating production vessel

SBM Offshore NV secured a $1.14 billion project financing for the floating production storage and offloading vessel Liza Unity through agreements with nine international banks.

The company expects to draw the full amount in phases during the construction of the vessel, according to an Oct. 16 news release from the Netherlands-based company.

The financing will become non-recourse upon completion of the vessel and release of the pre-completion guarantees. The loan has a tenor of two years post-completion, with a variable interest cost of London interbank offered rate plus 1.50%.

Liza Unity would produce 220,000 barrels of oil per day, with an associated gas treatment capacity of 400 MMcf/d and a water injection capacity of 250,000 bbl/d.

The vessel will be used in the Stabroek block's Liza field offshore Guyana, which is operated by Exxon Mobil Corp. affiliate Esso Exploration and Production Guyana Ltd..

Liza Unity will also be spread moored in water depth of around 1,600 meters and will have the capacity to store about 2 million bbl of crude oil.