ExxonMobil buys FPSO Liza Destiny from SBM Offshore

ExxonMobil Guyana, the local arm of US supermajor ExxonMobil, has acquired the FPSO Liza Destiny from Dutch floater expert SBM Offshore.

ExxonMobil bought the FPSO ahead of the maximum lease term which would have expired in December 2029.

The purchase allows the US supermajor to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2033.

The transaction comprises a total cash consideration of around $535m. SBM Offshore said the net cash proceeds would primarily be used for the full repayment of the $405m project financing and would decrease the company’s net debt position.

The FPSO Liza Destiny has been on hire at the Stabroek Block offshore Guyana since December 2019. It was converted from a VLCC and is designed to produce up to 120,000 bopd with an associated gas treatment capacity of 170m cfpd, a water injection capacity of around 200,000 bpd and an overall storage volume of 1.6m barrels.

So far, ExxonMobil has acquired two of the four FPSO units built by SBM for its operations in Guyana – the FPSO Unity in 2023 and FPSO Prosperity in early November.