BW Energy: Completes Maromba FPSO financing and signs short-term lease for the development rig

Core Viewpoint - BW Energy has successfully completed a USD 365 million project finance facility to fund the refurbishment and redeployment of the Maromba FPSO in Brazil, indicating strong financial backing and strategic development plans [1][2][4]. Financing Details - The project finance facility was oversubscribed and will cover approximately 80% of the total FPSO project cost, provided by a syndicate including CEXIM, ADCB, Bank ABC, NBF, and CBD [2]. - The facility has an interest rate of SOFR plus a margin of 2.8%, structured as a project finance loan with progressive drawdowns during construction and a 6.5-year amortization period post-completion [3]. Strategic Importance - The financing marks a significant milestone for the Maromba development, showcasing the company's ability to secure competitive long-term funding and build relationships with diverse lenders from the Middle East and Asia [4]. - The strategy of reusing existing production infrastructure is emphasized, which reduces development costs and environmental impact while facilitating access to ECA-based financing [4]. Rig Acquisition - A short-term lease has been finalized with MSFL for the acquisition of the BW MAROMBA B jack-up rig at a purchase price of USD 107.5 million, allowing for initial preparations for the Maromba field development [5]. - The current lease is structured as a bareboat charter with interest-only payments, to be replaced by a long-term charter upon completion [5]. 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 including a 95% interest in the Maromba field in Brazil [6]. - The company holds total net 2P+2C reserves and resources of 599 million barrels of oil equivalent at the start of 2025 [6].