ExxonMobil Guyana Takes Ownership of $2.32 Billion FPSO ONE GUYANA, Securing Key Asset for Offshore Expansion

In a major move to solidify its long-term position in one of the world's most significant offshore oil finds, ExxonMobil Guyana has finalized the acquisition of the floating production, storage and offloading vessel ONE GUYANA for approximately $2.32 billion. The purchase from Dutch contractor SBM Offshore was completed well ahead of the maximum lease term deadline in August 2027.

The transaction marks a strategic shift from leasing to outright ownership for the U.S. energy giant's Guyanese subsidiary. Under the new arrangement, SBM Offshore will retain operational and maintenance responsibilities for the vessel until 2035, leveraging a collaborative model that pools the expertise of both companies to ensure efficiency and safety.

"This acquisition provides us with greater control and flexibility over a critical piece of infrastructure in the heart of the Stabroek block," said a spokesperson for ExxonMobil Guyana. "It underscores our long-term commitment to Guyana and enables more integrated planning across our developments."

For SBM Offshore, the sale delivers a significant financial windfall. The company confirmed that the majority of the net proceeds have been used to fully repay the project's $1.74 billion financing, dramatically reducing its net debt and strengthening its balance sheet for future projects.

The ONE GUYANA, the fourth and largest FPSO deployed by SBM in Guyanese waters, is central to the Yellowtail development. Since commencing operations in August 2025, it has been a workhorse for the consortium, capable of processing 250,000 barrels of oil per day, treating 450 million cubic feet of gas daily, and storing up to 2 million barrels of crude. It is moored in roughly 1,800 meters of water.

The vessel, built using SBM's standardized Fast4Ward design, now joins the Destiny, Unity, and Prosperity FPSOs in the Stabroek block. The deal follows ExxonMobil's recent final investment decision for the Hammerhead project, the block's seventh development, signaling relentless momentum in Guyana's oil sector, which has transformed the nation's economic prospects in less than a decade.

Industry Voices: A Mix of Optimism and Caution

Michael Thorne, Energy Analyst at Carrington Capital: "This is a textbook move for Exxon—converting a capital lease to an owned asset post-construction. It locks in long-term value and streamlines cost management for the Yellowtail field's life cycle. The debt repayment is a clear win for SBM's shareholders."

Dr. Anjali Rao, Professor of Energy Economics: "While this secures infrastructure, it also deepens Guyana's resource dependency. The real test is whether this ownership model translates into greater in-country value creation, technology transfer, and preparedness for the eventual energy transition."

David Forsythe, Former Petrochemical Engineer & Environmental Advocate: "Another billion-dollar bet on fossil fuel extraction in a region acutely vulnerable to climate change. They're buying a ship to pump more oil while communities face rising sea levels. It's profiteering with a long-term liability attached, and the 'integrated operations' talk is just greenwash for business as usual."

Sarah Chen, Portfolio Manager, Global Infrastructure Fund: "The financial discipline here is impressive. SBM deleveraging quickly and Exxon acquiring a proven, producing asset. It reduces operational uncertainty and provides predictable cash flows. This is exactly the kind of asset maturity institutional investors look for."

This report was developed with information from regulatory filings and company statements.

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