BW Energy secures long-term lease for Maromba platform

BW Energy announced the conversion of a short-term lease for the BW Maromba B jack-up rig into a long-term project lease agreement with Minsheng Financial Leasing Co. Ltd. (MSFL). This new agreement, valued at $274 million, covers the rig's purchase and all costs to prepare the Maromba B wellhead platform for drilling and production, efficiently structuring the project's development phase financing.

The lease initiates upon first oil for the Maromba development, with no payments required beforehand, and features a fixed daily rate of $120,500 for a ten-year term, ensuring cost predictability. The rig is currently en route from Singapore to Dubai for refurbishment and conversion into a fully integrated drilling and production platform.

Following completion, the platform will mobilize to Brazil to commence drilling and completion work for the Maromba field's phased development. This move highlights BW Energy's strategy of utilizing repurposed production infrastructure for cost-efficient greenfield developments.