Bank of China contributes $125 million to a $1.050 billion syndicated loan for the FPSO Prosperity Project (Linked to Project ID#98819)

On June 25, 2021, financial close was reached on a deal in which a syndicate of 11 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $1.050 billion USD syndicated loan agreement with Guyana Deep Water III UK Limited — a United Kingdom-incorporated special purpose vehicle wholly owned by Netherlands-based SBM Offshore B.V. — for the FPSO Prosperity Project. This loan carried a maturity period of four years and two months (4.166 years) and a final maturity date of August 31, 2025. The proceeds are used by the borrower for the construction and operation of a floating production storage and offloading (FPSO) vessel, 'FPSO Prosperity' (also known as 'FPSO Liza Prosperity'), a vessel with a production capacity of 220,000 barrels of oil daily, gas treatment capacity of 400 million cubic feet daily, and water injection capacity of 250,000 barrels daily, to used at the Paraya Field in the Stabroek block, 190 kilometers offshore of the Guyana. BOC contributed $125.00 million USD and ICBC contributed $85.00 million USD. Project ID#98818 captures BOC's contribution. Project ID#98819 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed the respective amounts to the loan syndicate: ABN AMRO Bank NV ($125.00 million USD), DnB NOR Bank ($125.00 million USD), ING Bank N.V. ($125.00 million USD), Mizuho Bank ($125.00 million USD), Crédit Agricole Group ($75.00 million USD), Sumitomo Mitsui Banking Corporation (SMBC) ($85.00 million USD), Canadian Imperial Bank of Commerce (CIBC) ($65.00 million USD), Société Générale S.A. (SocGen) ($65.00 million USD), and Clifford Capital ($50.00 million USD). FPSO Prosperity was constructed by SBM Offshore. It arrived in Guyanese waters on or around April 11, 2023 to develop the Payara field of the Stabroek block. It was expected to begin production later in 2023.

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