BW Energy: Successful handover of BW Adolo operations to BW Energy Gabon SA

Core Viewpoint - The successful handover of operations and maintenance of the FPSO BW Adolo from BW Offshore to BW Energy Gabon marks a strategic transition aimed at optimizing field performance and enhancing operational efficiency in Gabon [1][3]. Group 1: Handover Details - Effective from May 20, 2025, BW Offshore has transferred the O&M of the FPSO BW Adolo to BW Energy Gabon, a subsidiary of BW Energy [1]. - Under an amended bareboat charter, BW Offshore retains ownership of the FPSO and will lease it to BW Energy Gabon without O&M services, with a mutual put-and-call option on the FPSO for USD 100 million, exercisable in 2028 [2]. Group 2: Strategic Implications - The transition is seen as a natural step for BW Energy Gabon, allowing the company to optimize field performance and capture additional synergies across the Dussafu hub [3]. - Both companies express gratitude to personnel for maintaining BW Adolo safely and efficiently over the past seven years, indicating a commitment to strong operational performance under BW Energy's leadership [4]. Group 3: Company Overview - BW Energy is a growth E&P company focusing on proven offshore oil and gas reservoirs through low-risk phased developments, with significant interests in various fields and licenses [5]. - The company holds a 73.5% interest in the producing Dussafu Marine license offshore Gabon, along with interests in fields in Brazil and Namibia, totaling net 2P+2C reserves and resources of 599 million barrels of oil equivalent at the start of 2025 [5].