ExxonMobil Guyana has finalized its acquisition of the Liza Destiny floating production, storage, and offloading (FPSO) vessel from Dutch contractor SBM Offshore, marking a significant milestone in its offshore operations. The $535 million deal, completed on December 19, was ahead of schedule, as the FPSO’s lease was initially set to expire in December 2029. Under the agreement, SBM Offshore will continue to operate and maintain the vessel until 2033, allowing for a smooth transition in the field's operations while ExxonMobil takes ownership.

The Liza Destiny FPSO, which has been on hire at the Liza field offshore Guyana since December 2019, holds a pivotal role in ExxonMobil’s extensive operations in the Stabroek Block. It was the first FPSO to commence oil production in the block, launching what has now become one of ExxonMobil’s most successful and economically transformative ventures globally. The FPSO’s acquisition signals ExxonMobil’s continued investment and commitment to its operations in Guyana, a country that has seen a remarkable boost in oil output and revenue because of ExxonMobil’s ongoing developments.

The Liza Destiny FPSO is designed with impressive production capacities, including a peak oil output of 120,000 barrels per day (bpd), with associated gas treatment of 170 million cubic feet per day and water injection capabilities of 200,000 bpd. Its large crude storage capacity of 1.6 million barrels further reinforces its critical role in ExxonMobil’s offshore oil production efforts.

While ExxonMobil assumes ownership, SBM Offshore will retain responsibility for operating and maintaining the FPSO until 2033, under an integrated operations model. This model blends SBM’s extensive operational expertise with ExxonMobil’s operational demands, ensuring continued high performance and reliability.

SBM Offshore plans to use the $535 million proceeds from the transaction to repay $405 million in project financing, significantly reducing its net debt. The remainder of the funds will contribute to strengthening the company’s balance sheet. This deal represents a strategic move for both companies: ExxonMobil secures long-term control over a critical asset, while SBM Offshore reduces its financial obligations and continues to support operations in the Stabroek Block.

The Liza Destiny’s operations, together with the Liza Unity and Prosperity FPSOs, form part of ExxonMobil’s impressive production portfolio offshore Guyana. Together, these units contribute to a daily oil production of approximately 660,000 bpd, showcasing the rapid growth and success of ExxonMobil's operations in this high-potential region. With this acquisition, ExxonMobil solidifies its leadership in the Guyanese oil industry and its prospects in the Stabroek Block.