SBM Offshore announces it has completed the project financing of FPSO Jaguar for a total of $1.5 billion.
The project financing was fully secured by a consortium of 16 international financial institutions. The Company expects to draw the loan phased over the construction period of the FPSO. The project loan is in line with the duration of the construction phase.
The FPSO Jaguar’s design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s seventh new build, multi-purpose floater hull combined with several standardized topsides modules. The FPSO is designed to produce 250,000 barrels of oil per day, will have associated gas treatment capacity of 540 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,630 meters and will be able to store around 2 million barrels of crude oil.
The project is part of the Whiptail development, which is the sixth development within the Stabroek block, circa 200 kilometers offshore Guyana. ExxonMobil Guyana Ltd, an affiliate of ExxonMobil Corporation, is the operator 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 a 25 percent interest.
Douglas Wood, CFO of SBM Offshore, commented: “I am proud of our teams which have successfully secured the project financing of FPSO Jaguar, the Company’s first project under the sale and operate model. We are demonstrating once again the value of our unique lifecycle offering not only from an execution and operation standpoint but also in our ability to continue to provide material financing solutions for our clients. We appreciate the continued support from the 16 financial institutions.”
