Liza FPSO financing secured

Guyana

AMSTERDAM, December 20, 2017 – SBM Offshore has struck a deal with 12 international banks for the project financing of the Liza FPSO, the company announced Wednesday.

The loan is for USD 720 million, SBM Offshore added in a press release.

“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%,” the statement said.

In June, ExxonMobil hired SBM Offshore to build and operate the FPSO for its Liza development offshore Guyana. The facility will be designed produce about 120,000 bopd, to treat 4.8 mcm (170 mcf) of gas per day and to store up to 1.6 million barrels of crude.

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