ExxonMobil Finalizes $535M Liza Destiny FPSO Purchase [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Exxon Mobil Corporation 's XOM subsidiary, ExxonMobil Guyana, has acquired the floating production, storage, and offloading (FPSO) unit, Liza Destiny, from SBM Offshore. The purchase, valued at $535 million, was finalized ahead of the FPSO's maximum lease term, originally set to expire in December 2029. This strategic move positions ExxonMobil as the unit's owner, while SBM Offshore remains responsible for its operations and maintenance through 2033. The transaction includes a $535 million cash consideration, enabling SBM Offshore to allocate $405 million toward repaying project financing debt. This repayment will notably reduce SBM Offshore's net debt position. Since its deployment in December 2019, the FPSO Liza Destiny has played a crucial role in ExxonMobil's operations in the Stabroek Block, offshore Guyana. In 2023, the unit began operating under a collaborative model that leverages the expertise of both SBM Offshore and ExxonMobil to ensure high operational performance.
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