Dutch floater expert SBM Offshore has secured a $250m term loan facility for floating production, storage and offloading (FPSO) vessel construction financing.
SBM said that the facility will be drawn in full in the coming days. 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 the FPSO Jaguar set to work on ExxonMobil’s Whiptail development in Guyana’s prolific Stabroek block. Whiptail is the sixth development within the block.
The company was recently given the go-ahead to start construction of the Jaguar which it will operate for 10 years upon construction on behalf of ExxonMobil.
The FPSO’s will produce 250,000 barrels of oil per day, will have an associated gas treatment capacity of 540m cfpd, and a water injection capacity of 300,000 barrels per day. It will be spread-moored in a water depth of about 1,630 meters and will be able to store around 2m barrels of crude oil.
