Netherlands-based floater specialist SBM Offshore has concluded a $1.05 billion project financing move for the Prosperity floating production, storage and offloading vessel, which is set to work offshore Guyana.

The Prosperity FPSO was ordered by US supermajor ExxonMobil to produce hydrocarbons from the Payara-Pacora development in the giant Stabroek block.

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SBM expects to draw down the loan — obtained with a consortium of 11 international banks — in full but in a phased manner over the construction period of the FPSO.

The project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest rate plus 1.6%.

The Prosperity FPSO will be able to produce 220,000 barrels per day of oil and 400 million cubic feet per day of natural gas.

It will be the third floater to enter operation in Guyana for ExxonMobil, with first oil from Payara-Pacora earmarked for 2024.