ExxonMobil Guyana Ltd, a subsidiary of Exxon Mobil Corporation, has finalized the acquisition of the floating production storage and offloading unit FPSO Liza Destiny from SBM Offshore. The transaction, valued at 535 million USD, anticipates the original lease contract expiration date set for 2029 by several years. With this acquisition, ExxonMobil Guyana now fully owns the unit while ensuring continued support from SBM Offshore for operations and maintenance through 2033.
Since its deployment in 2019, the FPSO Liza Destiny has significantly contributed to oil production in the Stabroek Block, a key area for Guyana’s energy development. The unit operates under an integrated model combining the expertise of ExxonMobil and SBM Offshore, ensuring optimal performance.
Financial Impacts for SBM Offshore
The transaction generates net proceeds of 535 million USD, which will allow SBM Offshore to fully repay a project financing of 405 million USD. This operation will significantly reduce the company’s net debt, bolstering its financial solidity.
This debt reduction aligns with SBM Offshore’s proactive asset management strategy while continuing to provide technical solutions for the oil and gas industry. SBM Offshore, a global leader in ocean engineering, confirms its ability to balance technological innovation with financial responsibility.
Strategic Positioning of ExxonMobil in Guyana
For ExxonMobil, this acquisition marks a key step in developing its activities in Guyana, now a leading player on the global energy stage. With more than 30 major discoveries in the Stabroek Block, ExxonMobil strengthens its position in a strategic region. The full integration of the FPSO Liza Destiny will allow better cost control while maximizing production capacity.
The rapid growth of oil activities in Guyana also raises geopolitical stakes, attracting attention from regional and international players. The collaboration between ExxonMobil and SBM Offshore reflects the increasing trend toward industrial partnerships focused on resource optimization and energy efficiency.
Trends in the Oil Industry
The acquisition of the FPSO Liza Destiny aligns with a broader trend of consolidation and vertical integration in the oil sector. Facing economic and environmental pressures, companies are betting on streamlined operational models to meet investor expectations and regulatory requirements. This transaction also highlights the strategic importance of FPSOs for the development of new offshore oil fields.
