BW Energy has entered a long-term lease agreement with China-based Minsheng Financial Leasing (MSFL) for the Super Gorilla-class jack-up rig BW Maromba B.
The short-term lease for the rig was signed in September and has now been converted into a long-term agreement.
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This new agreement includes the rig purchase and all costs required to prepare the Maromba B wellhead platform for drilling and production activities.
It represents $274m of the previously announced capital expenditure for the Maromba project and offers a lease financing structure for the development phase, followed by a ten-year lease period.
The lease will begin when the Maromba development produces first oil, with no payments required prior to this point. It comes with a fixed daily rate of $120,500 (848,591 yuan), offering predictability in terms of cost during the lease term.
BW Energy CFO Thomas Young said: “We are pleased to establish an attractive lease financing for the full scope of the Maromba wellhead platform investment, building on our strong relationship with MSFL.
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By GlobalData“This agreement further highlights our ability to consistently leverage repurposed production infrastructure to enable cost-efficient greenfield developments.”
The BW Maromba B rig is currently travelling from Singapore to Dubai, with expected arrival before the end of the year.
Upon reaching Dubai, the rig will undergo refurbishment and conversion into a drilling and production platform.
The unit, which recently completed drilling operations in Australia, will be upgraded before mobilisation to Brazil.
It will start drilling and completion work in Brazil as part of the phased development plan for the Maromba field.
BW Energy, as part of a consortium with Maurel & Prom, recently agreed to acquire Azule Energy’s 20% non-operated stake in Block 14 and 10% in Block 14K offshore Angola.
This deal provides BW Energy with a 10% interest in Block 14 and 5% in Block 14K, and entry into Angola, aligning with its long-term regional plans.
