Dutch floater specialist SBM Offshore has completed the $1.05bn project financing of the floating production storage and offloading (FPSO) Prosperity set for the Payara development project in the Stabroek block off Guyana, operated by Esso Exploration and Production Guyana Limited, an affiliate of ExxonMobil.

The project financing was secured by a consortium of 11 international banks. SBM Offshore expects to draw the loan in full, phased over the construction period of the FPSO. The project loan has a tenor of two years after completion, in line with the duration of the charter, and has a variable interest rate plus 1.60%.

The Prosperity FPSO will utilise a design that largely replicates the design of the Liza Unity FPSO, based on SBM Offshore’s Fast4Ward program that incorporates a multi-purpose hull combined with several standardised topside modules. 

The FPSO will be designed to produce 220,000 bopd, will have an associated gas treatment capacity of 400m cubic feet per day and a water injection capacity of 250,000 bpd. The unit will be moored at a water depth of about 1,900 m and will be able to store around 2m barrels of crude oil.

Payara is the third development within the Stabroek block, some 200 km offshore Guyana. Esso Exploration and Production Guyana Limited, holds a 45% interest in the Stabroek block, Hess holds a 30% interest and CNOOC holds a 25% interest.