Netherlands-based SBM Offshore announced on Wednesday it has completed project financing of $720m for the floating production, storage and offloading (FPSO) vessel Liza, which is destined for work off Guyana in South America.
The multinational oilfield services firm acquired the loan from a consortium of 12 international banks.
Conversion will entail transforming a very large crude carrier (VLCC) into an FPSO at Keppel Shipyard in Singapore.
When conversion is completed, Liza is destined for the Liza Phase 1 project in the Stabroek Block, being developed by a consortium of an Exxon subsidiary, Hess Corporation and CNOOC. Liza is one of the biggest oil finds of recent years.