SBM Offshore has announced the completion of project financing worth $1.5bn for the construction of FPSO Jaguar, which is planned to be deployed for the Whiptail development offshore Guyana.
The financing was secured through a consortium of 16 international financial institutions and will be drawn in phases over the construction period.
SBM Offshore chief financial officer Douglas Wood said: “I am proud of our teams which have successfully secured the project financing of FPSO Jaguar, the Company’s first project under the sale and operate model.
“We are demonstrating once again the value of our unique lifecycle offering not only from an execution and operation standpoint but also in our ability to continue to provide material financing solutions for our clients.”
FPSO Jaguar is part of SBM Offshore’s Fast4Ward programme, which incorporates a standardised design featuring a multi-purpose hull and modular topsides.
Once operational, the vessel will have the capacity to produce 250,000 barrels of oil per day, treat 540 million cubic feet of gas per day, and inject up to 300,000 barrels of water daily. It will be spread moored at a depth of 1,630m and will be capable of storing approximately two million barrels of crude oil.
The Whiptail development, which entails an investment of around $12.7bn, is located in the Stabroek block. ExxonMobil Guyana, a subsidiary of ExxonMobil, which holds a 45% operating interest, leads the development.
Hess Guyana Exploration and CNOOC Petroleum Guyana own 30% and 25% stakes, respectively, in the Whiptail project.
In October 2023, SBM Offshore was contracted to undertake front-end engineering and design (FEED) work for FPSO Jaguar. In April 2024, ExxonMobil confirmed its decision to proceed with the Whiptail project after obtaining the necessary government and regulatory approvals.
The Whiptail development marks the sixth project within the Stabroek block, situated approximately 200km offshore.
