Core Viewpoint - BW Energy has successfully converted a short-term lease for the Super Gorilla class jack-up rig BW MAROMBA B into a long-term project lease agreement with Minsheng Financial Leasing Co. Ltd. (MSFL) [1] Group 1: Lease Agreement Details - The new lease agreement includes the rig purchase and all costs to prepare the MAROMBA B wellhead platform for drilling and production, amounting to USD 274 million of the previously communicated Maromba CAPEX [2] - The lease will start upon the first oil production for the Maromba development, with no payments required before this milestone [3] - The lease features a fixed daily rate of USD 120,500, ensuring cost predictability throughout the lease term [3] Group 2: Company Strategy and Operations - The CFO of BW Energy highlighted the attractive lease financing as a means to support the full investment scope for the Maromba wellhead platform, emphasizing the company's strong relationship with MSFL [4] - The rig is currently being transported from Singapore to Dubai for refurbishment and conversion into a fully integrated drilling and production platform, with plans to mobilize to Brazil for drilling and completion work [4] - BW Energy focuses on low-risk phased developments targeting proven offshore oil and gas reservoirs, with access to existing production facilities to expedite time to first oil and cash flow [5] Group 3: Company Assets and Reserves - BW Energy holds a 95% interest in the Maromba field in Brazil, along with interests in other fields and licenses, including a 73.5% interest in the Dussafu Marine licence offshore Gabon and a 95% interest in the Kudu field in Namibia [5] - The company's total net 2P+2C reserves and resources were reported at 599 million barrels of oil equivalent at the start of 2025 [5]