Intelligence source Latin Finance has named the Jaguar FPSO financing deal as its Oil & Gas Financing of the Year, spotlighting the project’s innovative structure and its pivotal role in Guyana’s rise as a global offshore powerhouse.
According to the October 2 announcement, the US$1.5 billion senior secured term loan, which closed in November 2024, backed the construction of the Jaguar FPSO, the massive floating production, storage and offloading vessel being built by SBM Offshore for ExxonMobil Guyana Limited (EMGL).
With the capacity to process 250,000 barrels of oil per day, store two million barrels, and handle large gas and water volumes, Jaguar will be among “the Caribbean’s largest FPSOs”.
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Jacco Bakker, SBM’s Treasurer and Investor Relations Director, told Latin Finance, “We cast the net quite broadly to make sure the financing was a success for ourselves and our client, and to achieve a healthy level of oversubscription.” The deal was arranged by 16 international financial institutions, reflecting a strong global appetite for Guyana’s fast-expanding offshore sector.
The loan was structured as a 3.7-year senior secured facility, a notably short tenor for such a large-scale offshore development. Its maturity aligns with Jaguar’s delivery and sale to ExxonMobil, supported by milestone payments and a binding purchase obligation.
Guarantees from Exxon Equity Holdings, CNOOC Limited, and SBM Holding added assurance for lenders. One banker involved in the deal told Latin Finance, “This structure eliminates refinancing risk and showcases the strength of the counterparties.”
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The FPSO’s design underscores SBM Offshore’s focus on sustainability, featuring waste-heat recovery, closed-flare technology, LED lighting, and high-efficiency compressors that reduce greenhouse-gas intensity. “The Jaguar includes features that further reduce greenhouse gas emissions,” Bakker said, noting the vessel’s flare gas recovery system and deepwater intake hose.
As Latin Finance observed, the Jaguar financing not only showcases SBM Offshore’s ability to secure complex funding under tight timelines but also symbolizes Guyana’s ascent toward becoming the world’s largest oil producer per capita and Latin America’s second-largest producer after Brazil.
