SBM Offshore has successfully completed the project financing for Guyana’s FPSO (Floating Production Storage and Offloading) unit, Jaguar, raising a total of US$1.5 billion. The financing was secured through a consortium of 16 international financial institutions and will be drawn in phases throughout the construction period of the FPSO.
The FPSO Jaguar, a key part of the Whiptail development in the Stabroek block offshore Guyana, is designed to produce 250,000 barrels of oil per day. It will also have a gas treatment capacity of 540 million cubic feet per day and a water injection capacity of 300,000 barrels per day. With a storage capacity of around 2 million barrels of crude oil, the unit will be spread-moored in a water depth of approximately 1,630 meters.
The FPSO’s design incorporates SBM Offshore’s Fast4Ward® program, featuring the company’s seventh new-build multi-purpose floater hull, complemented by standardized topsides modules. This innovative approach is expected to streamline construction while enhancing operational efficiency.
The project is part of ExxonMobil’s Whiptail development, located about 200 kilometers offshore Guyana in the Stabroek block. ExxonMobil, which operates the block, holds a 45% stake, with Hess Guyana Exploration holding 30%, and CNOOC Petroleum Guyana holding 25%.
SBM Offshore’s Chief Financial Officer, Douglas Wood, expressed pride in the successful financing arrangement, noting the project’s significance as the company’s first under the sale and operate model. He highlighted SBM Offshore’s ability to deliver not only on execution and operations but also on financing, underscoring the company’s commitment to providing comprehensive solutions for its clients.
“We appreciate the continued support from the 16 financial institutions involved in this landmark financing,” said Wood.
