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SBM made US$17.5M profit managing Guyana’s first oil ship
– Predicts strong cash flow for years to come
Kaieteur News – Guyana Deep Water Operations UK Limited (GDWOP), a subsidiary of SBM Offshore, and Manager of the Liza Destiny and Liza Unity Floating Production Storage and Offloading systems (FPSOs), said it generated a profit for the financial year 2021 totalling US$ 7.8M.
The Liza Destiny FPSO which is managed by SBM
In 2020, its profit stood at US$5.2M. In 2019 its profit was US$4.5M. All earnings were made from the Liza Destiny vessel alone.
According to its 2021 financials, the principal activity of Guyana Deep Water Operations UK Limited is the operation and maintenance of the Liza Destiny and Liza Unity.
The operations and maintenance for Liza Destiny started December 19, 2019, when a certificate of production was issued by its client, Esso Exploration and Production Guyana Limited (EEPGL).
In December 2018, the company signed a Readiness for Operations (RFO) contract with Esso Exploration and Production Guyana Limited for the FPSO Liza Unity. The operations and maintenance contract for the Liza Unity kicked in following first oil in February.
The company was keen to note that the COVID-19 pandemic still has an impact on the global economy and the demand for energy, with some offshore projects cancelled or deferred. However, since the beginning of the pandemic, the company said it has successfully navigated through this challenging period, having mitigated the COVID-19 impact.
Importantly, Guyana Deep Water Operations UK Limited globally serves the offshore energy industry by supplying offshore energy production services. These activities are rendered based on long-term contracts. Consequently, the company said it has a substantial proforma contractual backlog, which is not linked to the oil price, providing the company with three years of cash flow visibility up to 2024.
The company said too that it was able to maintain the FPSO’s uptime at historical highs by minimizing the impact of a COVID- 19 environment offshore. In order to achieve such results, it said specific measures were implemented such as: optimization of crew rotations (in order to adjust to the impact of international travel restrictions), implementation of pre-screening protocols prior to offshore embarkation, creation of local secured quarantine facilities and development of internal Polymerase Chain Reaction (PCR) testing capability.
In terms of future developments, the SBM affiliate said operations continue to experience strong growth, both offshore and onshore and take full benefit of enhanced products, programmes and operational developments in the wider company.
It said preparations are also ongoing for the arrival of the FPSO Prosperity in 2023 and FPSO for the Yellowtail development project in 2025 for which the operations and maintenance contract award is subject to necessary government approvals and final work order to be received from the client.
The company said it continues to expand and embed its presence in-country with the opening of new purpose-built operational headquarters including an Integrated Operation Centre for offshore units.
Its financials state that it is a private company, limited by shares, and incorporated in England (United Kingdom) on December 12, 2016. It is owned by SBM Holding Inc S.A., a company incorporated in Switzerland, which is 100% owned by the ultimate parent company, SBM Offshore N.V., domiciled in Rotterdam, the Netherlands.
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