After a journey of 2,300 nautical miles, the Fast4Ward® hull has safely arrived at Keppel yard in Singapore from China. This is SBM Offshore’s first generic hull, the Multi-Purpose Floater (MPF1) in its series of hulls currently under construction. This first, new build hull was completed by Chinese yard SWS in December and is part of our industry-changing, Fast4Ward® program. The hull’s arrival represents a significant milestone on the path to delivering the Company’s first standardized FPSO.
The hull was completed in less than two years from first steel cut in March 2018. The MPF1 hull was allocated to the Liza Unity FPSO for offshore Guyana, following Final Investment Decision (FID) by ExxonMobil, Hess and CNOOC in May 2019. This milestone is in line with our client’s project schedule, which targets Liza Phase 2 start-up in early 2022.
- SBM Offshore ordered the MPF1 hull on speculation with SWS in July 2017, followed by several months of detailed engineering. Subsequent hulls will gain on schedule, as the engineering phase will be reduced. SBM Offshore currently has four additional MPFs in the construction phase in two yards in China (MPF2, MPF3, MPFA and MPFB), following the announcement in December 2019 for the order of two additional hulls.
- In May 2019, SBM Offshore was awarded contracts for the next phase of the Liza field development in Guyana. Under these contracts, SBM Offshore will construct, install and thereafter lease and operate for up to two years the Liza Unity This followed completion of front-end engineering studies, receipt of requisite government approvals and the final investment decision (FID) on the project by ExxonMobil and block co-venturers.
- Liza Unity will be the second FPSO for our client’s Liza field development in Guyana.
- The Liza Unity FPSO design is based on the Fast4Ward® program with a new build, multi-purpose hull combined with several standardized topsides modules. Basic Design Approval has been given by both Bureau Veritas and ABS.
- The FPSO is designed to produce 220,000 barrels of oil per day, to have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,600 meters and will be able to store around 2 million barrels of crude oil.
- The Liza field is located in the Stabroek block circa 200 kilometers offshore Guyana. EEPGL is the operator and holds a 45 percent interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30 percent interest, and CNOOC Petroleum Guyana Limited holds a 25 percent interest.