SBM Offshore announced the closure of a supplemental non-recourse project loan facility of $250 million. The facility is related to the entity Sonasing Xikomba Ltd., which owns the floating production, storage and offloading unit (FPSO) N’Goma operating offshore Angola.

The total outstanding loan amount increased to about $450 million. Furthermore the project’s debt profile was optimized by aligning the loan maturity with the remaining charter contract duration. The original maturity date of the loan was extended by roughly 4.5 years to an expiration date of May 15, 2026.

Under lease for 12 years, the N'Goma FPSO is used by Eni as the west hub on block 15/06, which includes the Sangos, Cinguvu, Mpungi, Mpungi North, Ochigufu and Vandumbu fields. The FPSO is tied to 12 producer wells, four water/gas injector and five gas injector wells, according to World Energy Reports. 

Earlier this year, Eni made a major oil discovery around 20 kilometers west of the N’Goma FPSO. The Agogo discovery, estimated to hold 450 to 650 million barrels of light oil in place, will initially be developed as a tieback to N'Goma before producing through a standalone FPSO later on.