SBM Offshore Secures $1.5B Financing for FPSO Jaguar
November 22, 2024
SBM Offshore has completed the $1.5 billion project financing of the Jaguar floating production, storage, and offloading (FPSO) unit, which will be deployed at ExxonMobil's Whiptail project, located in the Stabroek Block, offshore Guyana.
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 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 unit 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, an affiliate of ExxonMobil Corporation, is the operator and holds a 45% interest in the Stabroek block, Hess Guyana Exploration has a 30% stake and CNOOC Petroleum Guyana Limited holds the remaining 25%.
“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,” said Douglas Wood, CFO of SBM Offshore.
