BW Energy: Signs USD 150 million sale & leaseback for MaBoMo production facility
BW Energy is pleased to announce the execution of a sale and leaseback agreement
with a Minsheng Financial Leasing Co entity (MSFL) for the MaBoMo production
facility on the Dussafu Licence offshore Gabon. The agreement will provide USD
150 million of gross sales proceeds under a ten-year lease term with an option
to repurchase the unit from the end of year seven.
The transaction frees up net USD 110 million of liquidity to BW Energy, in line
with the working interest in the licence. The proceeds will be used to finance
the execution of BW Energy's growth strategy including the continuing
development projects in Gabon.
"We are very pleased to have executed the lease financing with MSFL. It
represents a new source of funding at an attractive capital cost and supports
execution of our strategy for long-term value-creation," said Knut R. Sæthre the
CFO of BW Energy.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
ir@bwenergy.no (mailto:ir@bwenergy.no)
About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. Total net
2P+2C reserves and resources were 580 million barrels of oil equivalents at the
start of 2024.
This information is subject to the disclosure requirements pursuant to section5-
12 of the Norwegian Securities Trading Act.