Stephenson Harwood acts for SBM Offshore on the sale of two FPSOs

Law firm Stephenson Harwood LLP has advised SBM Offshore on the sale of two Floating Production Storage and Offloading vessels (FPSOs) to ExxonMobil Guyana Ltd., an affiliate of Exxon Mobil Corporation.

SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. FPSO 'PROSPERITY' was sold in November 2024 and FPSO 'LIZA DESTINY' was sold in December 2024 for a total consideration of approximately US$1.765 billion. Each of the FPSOs operates in the Liza field in the Stabroek block offshore Guyana, and will continue to be operated and maintained by SBM Offshore until 2033.

The firm advised on the bespoke sale and purchase agreement, the deliverables and the closing mechanics for each FPSO. This transaction showcases the team's expertise and experience with the sale and purchase of complex ocean infrastructure assets.

The Stephenson Harwood team comprised Julie Clegg, managing associate Roderick McGeachy and associate Silvia Bota.