Staatsolie arranged the loan with a group of 18 international, regional and local banks and financial institutions. With this loan, the company can partly finance its 20% participation in the GranMorgu project in Suriname’s offshore block 58. The new loan will also be used to fully repay the outstanding bank loan of $130m.
The Surinamese firm said it would exercise its option to enter the project with up to 20% interest following TotalEnergies announcing its final investment decision. According to the company, the full financing of its stake in the project will require an estimated $2.4bn.
In addition to the bank loan, the financing needed for the GranMorgu stake will include cash, cash flow from the business, and the proceeds from the bonds issued in March 2025.
The GranMorgu project is located 150 km off the coast of Suriname and is the first oil and gas development off the country’s shores.
SBM Offshore has already been awarded contracts for the project in November last year. Under these contracts, the company, in partnership with Technip Energies, will construct and install an FPSO. The award follows completion of FEED studies.
TechnipFMC and Saipem then won contracts worth billions for the same project. TechnipFMC’s contracted scope for the project includes subsea tree systems, manifolds, connectors, and topside control equipment. The company will also supply umbilicals, flexible jumpers, and flexible risers.
As for Saipem, its scope of work entails the engineering, procurement, supply, construction, installation, pre-commissioning, and assistance for the commissioning and start-up of the SURF package.
