SBM Offshore N.V., a Dutch-based global group of companies selling systems and services to the offshore oil and gas industry, has completed the project financing of FPSO Liza Unity for a total of $1.14 billion.

The financing was secured by a consortium of 9 international banks, and SBM expects to draw the loan in full, phased over the construction period of the unit. 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 1.5%.

The FPSO Liza Unity will be designed to produce 220,000 barrels of oil per day, will have an associated gas treatment capacity of 400m cu ft per day and water injection capacity of 250,000 barrels per day. The FPSO will be able to store around 2m barrels of crude oil. It will be used at the Liza field, offshore Guyana and operated by ExxonMobil’s Esso Exploration and Production Guyana.