Dutch oil and gas platform leasing company SBM Offshore has completed the project financing of floating production storage and offloading (FPSO) vessel Liza Unity for a consideration of $1.14bn.

The project funding was secured by a consortium of nine international banks. SBM Offshore said that the company expects to draw the loan in full, which would be phased over the FPSO construction period.

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Once the vessel is completed, the financing of Liza Unity will become non-recourse and the pre-completion guarantees have been released, the company said. The project loan has a course of two years post completion, which is in line with the duration of the charter. It carries a variable interest cost of LIBOR plus 1.50%.

Based on SBM Offshore’s Fast4Ward programme, the Liza Unity FPSO vessel design incorporates the company’s new build, multi-purpose hull equipped with several standardised topsides modules.

Liza Unity FPSO will be capable of producing 220,000 barrels of oil per day (boe/d). It will have an associated gas treatment capacity of 400 million cubic feet per day (mcf/d) and water injection capacity of 250,000 barrels per day (bpd).

The vessel will be spread moored in water depth of about 1,600m and will have the capacity to store more than two million barrels of crude oil.

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The Liza field is located approximately 200km offshore Guyana in the Stabroek block and is operated by ExxonMobil’s affiliate Esso Exploration and Production Guyana. Esso holds 45% interest in the Stabroek Block, while Hess Guyana Exploration holds 30% interest and CNOOC Petroleum Guyana owns 25% stake.

In June 2017, ExxonMobil awarded a contract for the next phase of the Liza project to SBM Offshore.