SBM Offshore and ExxonMobil Guyana, an affiliate of Exxon Mobil Corporation, have completed the transaction related to the purchase of FPSO Prosperity, ahead of the maximum lease term, which would have expired in November 2025. The purchase allows ExxonMobil Guyana 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 c. US$1.23 billion. The net cash proceeds will primarily be used for the full repayment of the US$0.98 billion project financing and as such will decrease SBM Offshore’s net debt position.
The FPSO Prosperity has been on hire since November 2023 and has and will continue to be operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience delivering outstanding operational performance.
The impact of the transaction will be included in the update of the Company’s 2024 guidance as part of the Third Quarter 2024 Trading Update, scheduled for November 14, 2024.
Source: SBM Offshore
