(Reuters) Exxon Mobil Corporation XOM, the oil and gas supermajor, has concluded the purchase of a floating production, storage, and offloading (FPSO) vessel from SBM Offshore. The FPSO Prosperity, working for ExxonMobil’s Payara field offshore Guyana, was acquired through the transaction.
While ExxonMobil has gained ownership of the vessel, SBM Offshore is responsible for its operations and maintenance activities. The transaction involves a total consideration of $1.23 billion in cash. The transaction was closed before the maximum lease term of the FPSO expired. The lease is set to expire in November 2025.
SBM Offshore has mentioned that the FPSO unit has been on hire since November 2023. It began production at XOM’s Payara field starting Nov. 14, 2023. The Payara development was the third oil project being developed in the prolific Stabroek Block offshore Guyana. SBM Offshore will carry out operations and maintenance for FPSO Prosperity until 2033 under an integrated operations and maintenance model. This approach is aimed at leveraging the extensive knowledge and experience of both SBM Offshore and ExxonMobil to manage the FPSO’s operations.
The net cash proceeds from the deal will be primarily used to repay project financing worth $0.9 billion. The FPSO Prosperity is one of the first vessels of its kind to have received the SUSTAIN-1 notation from the American Bureau of Shipping. This recognizes the vessel’s sustainability in terms of its design, operational excellence and documentation procedures.
