SBM Offshore, awarded contracts to construct, install, lease and operate the Liza Unity Floating Production, Storage and Offloading vessel (FPSO), has completed the project financing of US$1.14B.

The company made the announcement on Wednesday in a release which stated 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 1.50 per cent,” the Company explained.

The Liza Unity FPSO will be designed to produce 220,000 barrels of oil per day with a storage capacity of 2 million barrels in comparison to the Liza Destiny FPSO witth120,000 barrels of oil per day with 1.6 million barrels storage capacity.

The FPSO design is based on SBM Offshore’s industry leading Fast4WardTM programme which will incorporate the Company’s new build, multi-purpose hull combined with several standardized topside modules. It will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. It will be spread moored in water depth of about 1,600 meters and able to store some 2 million barrels of crude oil.