SBM Offshore completes US$720 million financing of FPSO Liza

SBM Offshore completes US$720 million financing of FPSO Liza

VLCC Tina is being converted into FPSO Liza.

SBM Offshore has completed the project financing of FPSO Liza for a total of US$720 million.

The company expects to draw the loan – secured from a consortium of 12 international banks – in full, phased over the construction period of the FPSO.

The post-completion project loan has a tenor of 10 years.

The Bahamas-flagged Tina, a very large crude carrier (VLCC), was selected by SBM Offshore for the conversion.

The FPSO is designed to produce up to 120,000 barrels of oil per day, will have associated gas treatment capacity of circa 170 million cubic feet per day and water injection capacity of around 200,000 barrels per day.

The converted very large crude carrier (VLCC) FPSO will be spread moored at the Liza field located in the Stabroek block about 200 kilometres offshore Guyana, in water depth of 1,525 metres and will be able to store 1.6 million barrels of crude oil.

The lease-and-operate contract includes an initial period of 10 years with extension options up to an additional 10 years.

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