BW Energy has entered into an $80m sale and leaseback deal with Minsheng Financial Leasing (MSFL) for the Jasmine Alpha jack-up drilling rig.
The transaction will enable BW Energy to retain operational access to the rig under a 12-month lease, with an option to extend for another year.
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The company anticipates that the deal will realise an equity gain over the rig’s carrying value, reflecting the asset’s appreciation since its acquisition at a reduced cost in 2020 during the Covid-19 pandemic.
BW Energy chief financial officer Thomas Young said: “We are realising substantial value from an asset acquired at a deep discount while maintaining operational availability and full strategic flexibility, including the potential future repurposing into a production platform for deployment in our development portfolio.
“The transaction strengthens BW Energy’s balance sheet and demonstrates our ability to repeatedly execute flexible and competitive infrastructure financing solutions in support of our plan to triple production in 2028.”
The agreement continues BW Energy’s cooperation with MSFL, which already includes financing for the Maromba B wellhead platform.
The terms of this latest deal are consistent with BW Energy’s infrastructure financing strategy.
BW Energy is engaged in oil and gas production, development and exploration activities in Gabon, Brazil, and Namibia.
The company holds total net 2P reserves of more than 240 million barrels of oil equivalent (mboe), along with an additional 390 million barrels(mbbl) classified as 2C resources.
It plans to increase production from about 30,000 barrels of oil per day (kbopd) in 2025 to approximately 90kbopd by 2028.
In December 2025, BW Energy entered into a long-term lease agreement with MSFL for the Super Gorilla-class jack-up rig BW Maromba B, following the conversion of a short-term lease first signed in September of that year.
In October 2025, the company reported that the Kharas-1 appraisal well within the Kudu licence offshore Namibia reached its planned total depth. The well was designed to evaluate several targets within a single borehole, generating geological data across various formations.
