SBM Offshore disclosed today that it completed the sale of the Prosperity FPSO to ExxonMobil Guyana Ltd. This was done ahead of the maximum lease term which expires in November 2025.
According to a statement from the company, the purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2033.
Guyana Standard understands that the transaction comprises a total cash consideration of US$1.23 billion. The net cash proceeds will primarily be used for the full repayment of the US$0.98 billion project financing and as such will decrease SBM Offshore’s net debt position.
The FPSO Prosperity has been on hire since November 2023 and has and will continue to be operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience delivering outstanding operational performance.
The impact of the transaction will be included in the update of the company’s 2024 guidance as part of the third quarter 2024 trading update, scheduled for November 14, 2024.
Notably, the Prosperity FPSO is producing 252,000 barrels of oil per day (bpd) in the ExxonMobil-operated Stabroek Block. It also operates alongside two other ships, Liza Destiny and Liza Unity, which are producing 157,000 bpd and 252,000 bpd respectively.
