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SBM Offshore: closes offshore vessel financing.

(CercleFinance.com) - SBM Offshore has secured a 720 million dollars financing for a floating production, storage and offloading (FPSO) vessel, the Dutch maritime engineering group said on Wednesday.

The ship will be funded by a consortium of twelve international banks through a ten-year loan, with a variable interest cost of LIBOR plus 1.65%.

The FPSO - which will be owned and operated by SBM - is designed to produce up to 120,000 barrels of oil per day.

The vessel will be used at Esso's Liza field located in the Stabroek block, which is about 200 kilometres offshore Guyana, in water depth of 1,525 metres, and will be able to store 1.6 million barrels of crude oil.

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