ExxonMobil Buys FPSO ONE GUYANA in $2.32B Deal, Deepening Guyana Hold

AMSTERDAM – February 04, 2026 – In a landmark transaction signaling a major strategic shift in the world's fastest-growing oil province, ExxonMobil Guyana Ltd. has completed the purchase of the FPSO ONE GUYANA from SBM Offshore for approximately US$2.32 billion. The deal, finalized ahead of the lease's 2027 expiration, transfers ownership of a critical production asset to the operator while keeping the vessel's expert management team in place for the long term.

While ExxonMobil now owns the massive floating, production, storage, and offloading (FPSO) vessel, SBM Offshore will continue to operate and maintain it until 2035. This hybrid arrangement underscores a tactical evolution in how major energy companies manage core assets in prolific, long-life basins like Guyana's Stabroek Block.

A Strategic Financial Maneuver for SBM Offshore

For SBM Offshore, the transaction represents a significant financial victory and the successful execution of a new business model. The Dutch deepwater specialist announced that the net cash proceeds have been primarily used to repay US$1.74 billion in project financing, a move that materially deleverages its balance sheet.

This sale is not an isolated event but the latest in a series of strategic divestments that form a “build, operate, and then sell” strategy. In the fourth quarter of 2024, SBM Offshore completed similar sales for the FPSOs Prosperity and Liza Destiny to ExxonMobil Guyana. The Prosperity sale alone, valued at $1.23 billion, enabled the repayment of nearly a billion dollars in project financing. This pattern demonstrates a clear pivot towards monetizing assets after they are de-risked and operational, freeing up capital for new projects while retaining long-term service contracts.

This approach has been met with approval from financial markets. Analysts have lauded the “sale-and-operate” model for unlocking value that traditional leasing contracts might obscure. In January, Barclays upgraded SBM Offshore’s stock, citing accelerating earnings and reduced leverage as key benefits of this strategy. Prior to this sale, SBM's directional net debt stood at US$5.8 billion as of Q3 2025. The influx of capital from the ONE GUYANA sale is expected to drastically reduce this figure, with analyst forecasts predicting a drop to around US$3.71 billion in 2026. This strengthens the company's financial position, providing greater flexibility for future investments and shareholder returns.

ExxonMobil Solidifies Control in Its Most Important Growth Frontier

From ExxonMobil's perspective, spending billions to acquire an asset it was already using is a calculated move to solidify its long-term dominance in the Stabroek Block. Direct ownership of the FPSO ONE GUYANA—the fourth and largest production unit in its Guyanese fleet—provides greater operational control, cost efficiency, and strategic certainty.

By owning the asset, ExxonMobil eliminates decades of future lease payments, a significant long-term savings given the multi-decade production horizon of the Yellowtail development, which the FPSO serves. With a production capacity of 250,000 barrels of oil per day, the ONE GUYANA is a cornerstone of the company’s plans to ramp up output in the region. Ownership allows for more streamlined decision-making on maintenance, upgrades, and integration with the overall field development plan without complex negotiations with a third-party owner.

This move to acquire critical infrastructure aligns with ExxonMobil’s strategy of maximizing value from its most profitable assets. The Stabroek Block is not just another project; it is the company's premier growth area, with billions of barrels of recoverable oil. Securing ownership of the production hubs is akin to a manufacturer buying its most important factories—it de-risks the supply chain and provides unmatched control over the means of production. The continued partnership with SBM for operations ensures that this control is gained without sacrificing the specialized expertise needed to run these complex offshore facilities safely and efficiently.

The Evolving Landscape: A New Hybrid Model for FPSOs

The deal structure itself points to a sophisticated evolution in the relationship between energy operators and service providers. The traditional model involved operators leasing FPSOs on long-term charters. This transaction, however, pioneers a hybrid “own-and-partner” approach that could become a new industry standard, particularly in world-class basins with long production lives.

The integrated operations and maintenance model, which will see SBM run the vessel until 2035, combines the best of both worlds. ExxonMobil gains the financial and strategic benefits of asset ownership, while SBM Offshore secures a stable, long-term revenue stream from its core competency: operating complex offshore facilities. This model also facilitates knowledge transfer, with previous agreements for other FPSOs including the secondment of ExxonMobil Guyana employees into key operational roles, building local capacity and expertise.

This collaborative framework stands in contrast to a simple asset sale. It acknowledges that the value of an FPSO is not just in its steel, but in the highly specialized human and technical systems required to operate it at peak performance. For the broader offshore industry, it suggests a future where contracting models become more flexible, tailored to the specific needs of a project and the strategic goals of the partners involved.

Deepening Roots in Guyana's Economic Future

The implications of this multi-billion-dollar transaction extend far beyond the balance sheets of the two companies. For the nation of Guyana, ExxonMobil's decision to purchase rather than lease its production infrastructure is a powerful vote of confidence in the long-term stability and profitability of the country's energy sector.

This level of capital investment signals a commitment that transcends typical project timelines, anchoring ExxonMobil's presence in the country for decades to come. The stable, high-volume production from FPSO ONE GUYANA and its sister vessels is the engine of Guyana’s economic transformation, directly funding the national budget through revenue-sharing agreements. Ensuring these vessels operate with maximum efficiency and uptime is a shared goal for both the operator and the government.

Furthermore, the long-term integrated operations model creates a durable framework for developing local talent. As more Guyanese professionals are integrated into the complex operations of these world-class facilities, it fosters a sustainable local skills base that will be crucial for the future of the nation's energy industry. This deepening of roots, from physical assets to human capital, marks a new phase of maturity for Guyana as a major global oil producer.