SBM Offshore and ExxonMobil Guyana Ltd., a subsidiary of Exxon Mobil Corporation, have finalized the transaction transferring ownership of the Prosperity FPSO . This agreement, completed prior to the expiration of the maximum lease term scheduled for November 2025, allows ExxonMobil to assume ownership, while SBM Offshore will continue to operate and maintain the unit until 2033 .
The purchase was closed for a cash consideration of approximately $1.23 billion , a move that will also allow SBM Offshore to significantly reduce its net debt. The proceeds will primarily be used to fully repay the project financing, thereby strengthening the company’s financial stability.
The Prosperity FPSO will maintain joint operation until 2033
The Prosperity FPSO , operational since November 2023, has proven to be a key asset in Guyana’s offshore production. Through a joint operating model, SBM Offshore and ExxonMobil have achieved outstanding operational performance, ensuring a continuous flow of energy production in one of the most promising regions in the world.
The impact of this transaction will be included in the Q3 2024 business update, scheduled for November 14. According to representatives of ExxonMobil and SBM Offshore, this agreement strengthens their collaboration and lays the foundation for long-term cooperation, benefiting both the global energy industry and local economies.
With this agreement, ExxonMobil secures a strategic asset off the coast of Guyana, a region known for its growing potential in hydrocarbon exploration and production. SBM Offshore, for its part, strengthens its financial position, allowing it to continue innovating in cleaner and more sustainable energy solutions.
This step underlines the importance of collaboration in the offshore industry , where shared resources and technical know-how are essential for operational success. The combined expertise of both companies promises significant advances in offshore energy production, with a focus on efficiency and sustainability.
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Source: SBM Offshore
Photo: ExxonMobil
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