BW Energy secures $365m project finance, rig lease for Maromba field

BW Energy has secured a $365 million project finance facility, backed by Sinosure, to fund 80% of the Maromba FPSO refurbishment and redeployment offshore Brazil. The oversubscribed facility, provided by a syndicate including CEXIM, ADCB, Bank ABC, NBF, and CBD, has an interest rate of SOFR plus a 2.8% margin and a 6.5-year amortization period post-completion. This financing is a significant step in the Maromba development.

Separately, BW Energy finalized a short-term lease with MSFL for the $107.5 million Super Gorilla class jack-up rig, BW MAROMBA B. This bareboat charter enables immediate preparations for the Maromba field development while a long-term charter is finalized.

The company's cfo, Brice Morlot, highlighted that this financing demonstrates their ability to secure competitive long-term funding and build strong relationships with a diversified group of new lenders from the Middle East and Asia. This aligns with their strategy of reusing existing production infrastructure to reduce costs and environmental impact.