Dutch shipbuilder SBM Offshore said it completed the US$1.5 billion project financing of the Jaguar floating production, storage and offloading (FPSO) vessel. ExxonMobil hired SBM Offshore to deliver the Jaguar for its Whiptail project for the Stabroek Block, offshore Guyana.
The project financing was fully secured by a consortium of 16 international financial institutions. SBM Offshore 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 its 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 (b/d), will have associated gas treatment capacity of 540 million cubic feet per day (cf/d) and water injection capacity of 300,000 barrels per day (b/d). 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 massive vessel is being constructed with support from Guyanese companies who have developed the capacity to deliver specialized steel fabrication services.
The Whiptail development is the sixth such project sanctioned for the Stabroek Block. ExxonMobil holds a 45% interest in the Stabroek Block, Hess Guyana Exploration Ltd. holds a 30% interest and CNOOC Petroleum Guyana Limited, holds a 25% 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.”
SBM Offshore managed to secure five out of six hires to deliver FPSOs for Guyana. Having already delivered three, the ONE GUYANA is due to arrive in 2025 and the Jaguar is scheduled for a 2027 delivery.
Along with another FPSO to be delivered by MODEC, crude production capacity offshore Guyana is set to meet 1.3 million b/d by 2027.
