SBM Offshore has completed the project financing of the floating production storage and offloading (FPSO) unit Liza Unity for a total of US$1.14 billion.
The project financing was secured by a consortium of nine 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 project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest cost of LIBOR plus 1.5 per cent.
Liza Unity will be designed to produce 220,000 barrels of oil per day and will have an associated gas treatment capacity of 11 million cubic metres per day as well as a water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,600 meters at the Liza field some 200 kilometres offshore Guyana and will be able to store around two million barrels of crude oil.
