SBM Offshore secures US$250 million term loan to begin construction work on new Guyana-bound FPSO

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SBM Offshore said it has secured a US$250 million term loan facility to commence construction work on the Jaguar floating production, storage, and offloading (FPSO) vessel. 

The tenor of the bridge loan is twelve months with an extension option for another six months. Repayment is expected from the first drawdown of the construction financing of FPSO Jaguar.

This follows the receipt of awards from ExxonMobil for the building and deployment of the FPSO for the Whiptail project in Guyana’s Stabroek Block.

The design of the Jaguar  FPSO is grounded in SBM Offshore’s Fast4Ward program. It will produce 850 million barrels of oil at a targeted rate of 250,000 barrels per day (b/d). First oil is expected in 2027.

As the sixth Stabroek Block project, Whiptail will take production capacity offshore Guyana to 1.3 million b/d.

Meanwhile, back in February ExxonMobil said the first module was lifted onto the topsides of the ONE GUYANA FPSO which is also being built by SBM Offshore, for the massive Yellowtail development.

The Dutch floater specialist has built and is already operating three vessels for ExxonMobil offshore Guyana: Liza Destiny, Liza Unity and Prosperity.

ExxonMobil is the operator of the Stabroek Block with a 45% interest, with Hess holding 30% and CNOOC holding 25%. 

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