ExxonMobil Guyana and SBM Offshore have completed the transaction related to the purchase of the Liza Unity floating production, storage and offloading (FPSO), just months ahead of the end of the maximum lease term, in February 2024.
Announcing the completion, in a November 9 press release, SBM Offshore said the purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2033.
The transaction comprises a total cash consideration of c. US$1.26 billion. The net cash proceeds will primarily be used for the full repayment of the US$1.14 billion project financing, SBM Offshore said, and as such will decrease its net debt position.
The FPSO Liza Unity has been on hire since February 2022 and since 2023 was operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience delivering outstanding operational performance.
The FPSO was built with a record sustainable design that will serve as a model for future FPSOs built for Guyana projects. It was built with a nameplate capacity of 220,000 barrels of oil per day (bpd), but has safely demonstrated production levels of 250,000 bpd in the Liza field offshore Guyana.
ExxonMobil is the operator of the Stabroek block offshore Guyana, with a 45% stake. Its partners are Hess (30%) and CNOOC (25%). SBM Offshore has been entrusted with delivering FPSOs for five out of the six projects being executed by the consortium for the prolific block.
