Dutch floating production solutions provider SBM Offshore has announced the completion of $1.5 billion in project financing for the FPSO Jaguar. The financing, facilitated by a consortium of 16 international financial institutions, marks a critical milestone in the development of this advanced floating production vessel.

According to the company, the loan will be drawn in phases, aligning with the construction schedule of the FPSO. This structured approach ensures consistent funding throughout the project, keeping the timelines on track.

The FPSO Jaguar is a cornerstone of SBM Offshore’s Fast4Ward program, which employs a standardised, multi-purpose hull to accelerate project delivery and improve efficiency. The vessel’s design incorporates modular topsides, enabling scalability and operational optimisation. Once operational, the FPSO will produce up to 250,000 barrels of oil per day, manage 540 million cubic feet of gas daily, and handle 300,000 barrels of water injection per day. Its storage capacity of 2 million barrels of crude oil and ability to operate at depths of 1,630 metres highlight its robust engineering.

The FPSO Jaguar will be deployed as part of the Whiptail development, a $12.7 billion project within Guyana’s Stabroek block, located about 200 kilometres offshore. ExxonMobil Guyana Ltd operates the block, holding a 45% interest, with Hess Guyana Exploration Ltd owning 30% and CNOOC Petroleum Guyana Limited holding the remaining 25%.

In October 2023, SBM Offshore was awarded contracts for Front End Engineering and Design (FEED) for the FPSO as part of Whiptail. The project moved forward in April 2024 after ExxonMobil received government and regulatory approvals, making Whiptail the sixth development in the Stabroek block.

SBM Offshore’s final investment decision for FPSO Jaguar reaffirms its strategic focus on delivering cutting-edge offshore production infrastructure. This milestone is expected to contribute significantly to Guyana’s transformation into a global oil powerhouse, solidifying the Stabroek block’s role in meeting global energy demand.

  ExxonMobil Guyana Ltd, FPSO Jaguar, Hess Guyana Exploration Ltd, SBM Offshore, Stabroek Block