SBM Offshore has secured a US$210 million revolving credit facility (RCF) to finance the construction of Fast4Ward® Multi-Purpose Floater (MPF) hulls, the company said in December 15 release.
The tenor of the RCF is eighteen months with an extension option for another six months. Repayment is expected to take place upon sale of the MPF hulls or upon drawdown of the relevant project loan.
Under the Company’s Fast4Ward® program, eight standardized MPF hulls have been ordered to date with seven allocated to projects and one supporting tendering activities.
Douglas Wood, CFO of SBM Offshore, commented: “The successful closing of this facility supports our Fast4Ward® strategy to fast-track FPSO projects and make them more competitive by providing targeted financing for the construction of MPF hulls at a competitive rate.”
For ExxonMobil Guyana, SBM Offshore has delivered the Liza Unity and Prosperity floating production storage and offloading (FPSO) vessels using its MPF hulls. The company’s first FPSO to Guyana, Liza Destiny, features a hull converted from a very large crude carrier (VLCC). SBM Offshore has also been hired to deliver the ONE GUYANA and Jaguar FPSOs for the Stabroek block offshore Guyana.
