Dutch owner SBM Offshore has clinched FPSO construction financing worth $1.14bn.

It said the project cash for the Liza Unity has been secured from a consortium of nine international banks.

The company expects to draw the loan in full, phased over the construction period of the FPSO at Waigaoqiao Shipbuilding in China.

The loan matures over two years once the unit has been delivered, in line with the duration of its charter, and carries a variable interest cost of Libor plus 1.50%.