SBM Offshore
Description
SBM Offshore has completed the project financing of FPSO Liza Unity for a total of $1.14 billion, the company said Oct. 16.
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 1.5%.