Exxon Mobil Corporation’s subsidiary, ExxonMobil Guyana, has acquired the floating production, storage, and offloading (FPSO) unit, Liza Destiny, from SBM Offshore. The purchase, valued at $535 million, was finalized ahead of the FPSO’s maximum lease term, originally set to expire in December 2029. This strategic move positions ExxonMobil as the unit’s owner, while SBM Offshore remains responsible for its operations and maintenance through 2033.
The transaction includes a $535 million cash consideration, enabling SBM Offshore to allocate $405 million toward repaying project financing debt. This repayment will notably reduce SBM Offshore’s net debt position.
Since its deployment in December 2019, the FPSO Liza Destiny has played a crucial role in ExxonMobil’s operations in the Stabroek Block, offshore Guyana. In 2023, the unit began operating under a collaborative model that leverages the expertise of both SBM Offshore and ExxonMobil to ensure high operational performance.
The Liza Destiny FPSO, converted from a very large crude carrier (VLCC), is engineered for robust production capabilities. It can process up to 120,000 barrels of oil per day, treat approximately 170 million cubic feet of associated gas daily and inject up to 200,000 barrels of water per day. The vessel also offers a storage capacity of 1.6 million barrels, reflecting its vital role in ExxonMobil’s offshore Guyana operations.
XOM’s decision to assume ownership of the Liza Destiny FPSO highlights its commitment to optimizing its long-term operations in the prolific Stabroek Block. This move is poised to enhance the company’s ability to manage resources and costs while maintaining exceptional production efficiency in the region.
