As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules. The Prosperity FPSO will utilize a design that largely replicates the design of the Liza Unity 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 1.60%. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released. The Company expects to draw the loan in full, phased over the construction period of the FPSO. The project financing was secured by a consortium of 11 international banks. SBM Offshore is pleased to announce it has completed the project financing of FPSO Prosperity for a total of US$1.05 billion.
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