Page 38: of Offshore Engineer Magazine (Jul/Aug 2024)

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THE OUTLOOK FLOATING PRODUCTION

FPSO LIZA UNITY

OIVIND TANGEN,

CEO, SBM OFFSHORE

Images this page courtesy SBM Offshore notation for an FPSO from American Bureau of Shipping “post completion” period in the initial loan, when the (ABS). According to ABS’s President and Chief Operating ownership of the unit is transferred to the new owner).

Offcer, John McDonald, “Safety and quality are at the heart Liza Unity, along with a second unit, Liza Destiny (de- of our mission, and we join SBM Offshore and ExxonMobil ployed in 2019), were the frst to be constructed using

Guyana in the commitment to exploring new innovations for SBM’s innovative Fast4Ward program which combines the betterment of offshore energy production.” the multi-purpose hull and several standardized topsides

In early 2024, XOM paid more than $1.25 billion to modules. SBM has plans in place for construction of eight

SBM Offshore, which had built the FPSO Liza Unity hulls with the uniform designs. In late 2023, SBM an- in Singapore at the Keppel yard (now Seatrium), to at- nounced that it had booked a $210 million “revolver” with tain ownership of the FPSO. Under a “project fnance” an 18-month tenor (option of an additional six month) for structure, initial fnancing (of $1.14 million at Libor plus hull fnancing. When the hulls are sold, or project fnance 1.50%) agreed in 2019 was sourced by SBM Offshore loans are drawn down, then a portion of that revolving from a consortium of nine international banks. The pay- credit will be repaid (along with senior loans that might ment from XOM was then used to pay off the original also be in place). The FPSO Prosperity is also working for project fnance facility (following a standard two year post XOM in the region. XOM explains that these units use 38 OFFSHORE ENGINEER OEDIGITAL.COM