SBM Offshore has completed the project financing of FPSO Liza Unity for a total of $1.14 billion, the company said Oct. 16.

The project financing was secured by a consortium of nine international banks. The company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantees have been released. The project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest cost of LIBOR plus 1.5%.

The Liza Unity FPSO design is based on SBM Offshore’s industry leading Fast4Ward program as it incorporates the company’s newbuild, multi-purpose hull combined with several standardized topsides modules. The FPSO will be designed to produce 220,000 barrels per day (bbl/d) of oil, will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 bbl/d. The FPSO will be spread moored in water depth of about 1,600 m (5,249 ft) and will be able to store around 2 million barrels of crude oil.

The Liza field is located circa 200 km (124 miles) offshore Guyana in the Stabroek Block. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Ltd., a wholly-owned subsidiary of CNOOC Ltd., holds 25% interest.