ExxonMobil Guyana has purchased the Liza Destiny floating production, storage and offloading (FPSO) vessel, SBM Offshore said in a December 19 release.
The transaction comprised a total cash consideration of c. US$535 million. The net cash proceeds will primarily be used for the full repayment of the US$405 million project financing and as such will decrease SBM Offshore’s net debt position, the Dutch company said.
The transaction comes ahead of the maximum lease term, which would have expired in December 2029. 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 Liza Destiny has been on hire since December 2019 and since 2023 has and will continue to be operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s efforts, SBM Offshore said.
The purchase follows the completion of a similar transaction in November for the purchase of the Prosperity FPSO, with a payment of US$1.23 billion. Exxon also completed the purchase of the Liza Unity in November last year for US$1.26 billion. Exxon has therefore purchased all of the FPSOs currently operating offshore Guyana from SBM Offshore. The three vessels have a combined crude oil production capacity of 660,000 barrels per day (b/d) and are each due to operate for two decades at the Stabroek Block.
