SBM Offshore completed the $1.14 billion project financing of Liza Unity floating production, storage and offloading unit (FPSO), the Netherlands-based company announced on Wednesday.

The project financing was secured by a consortium of nine international banks. The company expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantees have been released. The project loan has a tenor of two years post completion, in line with the duration of the charter, and carries a variable interest cost of LIBOR plus 1.5%.

The Liza Unity FPSO design is based on SBM Offshore’s Fast4Ward program incorporating the company’s newbuild, multipurpose hull combined with several standardized topsides modules.

SBM ordered the hull on spec from Shanghai Waigaoqiao Shipbuilding (SWS) in China in June 2017. SWS completed and launched the hull in June 2019. Dyna-Mac is fabricating the topside modules, according to World Energy Reports.

The FPSO is designed to produce 220,000 barrels of oil per day, will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,600 meters and will be able to store around 2 million barrels of crude oil. First production is expected in mid-2022.

The Liza field is located approximately 200 kilometers offshore Guyana in the Stabroek block. ExxonMobil is operator and holds 45% interest in the Stabroek block. Its partners are Hess and CNOOC with 30% and 25% interests respectively.