Brief: BW Offshore Announces Barossa FPSO Equity Joint Venture Partnership

Bw Offshore

10/09/2021 13:07

Sept 10 (Reuters) - BW Offshore Ltd  BWO.OL :
    * ANNOUNCES BAROSSA FPSO EQUITY JOINT VENTURE PARTNERSHIP
    * THE BAROSSA FPSO SERVICES CONTRACT HAS AN INITIAL
PRODUCTION
PERIOD OF 15 YEARS, WITH OPTIONS TO EXTEND THE PRODUCTION PERIOD
(IN THE AGGREGATE) FOR A FURTHER 10 YEARS
    * AGREEMENT HAS BEEN SIGNED BY ALL PARTIES AND COMPLETION OF
THE
AGREEMENT IS SUBJECT TO CERTAIN CUSTOMARY REGULATORY APPROVALS
WHICH ARE EXPECTED WITHIN THE NEXT MONTH
    * CONTRACT VALUE BASED ON THE INITIAL PRODUCTION PERIOD OF
15
YEARS IS USD 4.6 BILLION
    * BW OFFSHORE WILL BE RESPONSIBLE FOR ENGINEERING,
PROCUREMENT,
CONSTRUCTION, INSTALLATION, AND OPERATION OF FPSO
    * INITIAL GAS PRODUCTION FROM FPSO IS EXPECTED DURING FIRST
HALF
OF 2025
    * BAROSSA FPSO WILL BE FINANCED BY A 14-YEAR COMBINED
CONSTRUCTION
AND LONG-TERM DEBT FACILITY OF USD 1.150 BILLION AND USD 240
MILLION FROM EQUITY JOINT VENTURE, AS WELL AS APPROXIMATELY USD
1 BILLION IN PRE-PAYMENTS

Source text for Eikon:  ID:nNDL1dtGL4 
Further company coverage:  BWO.OL 

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