The LYMAN Observatory payload is mounted on a service module which which offers pointing, power and telemetry and which has substantial commonality with the SOHO concept. The payload consists of a Wolter-Schwartzschild Type II Grazing Incidence telescope with monolithic primary and secondary elements feeding far-UV and extreme-UV spectrographs. It is designed to offer an effective collecting area of greater than 10 cm2 over a limited field of view with a spectral resolution on astronomical targets of 30000 in the prime ( λ900 - 1250 Å ) spectral range. This will allow high-resolution observations on sources as faint as 15 mag. LYMAN will also be capable of high resolution observations up to 1800Å, and will offer low-resolution spectroscopy in the extreme-UV down to about 100Å.