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CAP - BW Energy: Completes Maromba FPSO financing and signs short-term lease for the development rig

Company: Bw Energy Ltd. Date: 2025-09-09 Language: English Register to download

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 BW Energy: Completes Maromba FPSO financing and signs short-term lease for the development rig

# BW Energy: Completes Maromba FPSO financing and signs short-term lease for the development rig

 BW Energy: Completes Maromba FPSO financing and signs short-term lease for the  

development rig  

  

BW Energy is pleased to announce the completion of a USD 365 million project  

finance facility, backed by China Export & Credit Insurance Corporation  

("Sinosure"), to fund the refurbishment and redeployment of the Maromba Floating  

Production Storage Offloading vessel ("FPSO") to the Maromba field offshore  

Brazil. Separately, the Company finalised a short-term lease with Minsheng  

Financial Leasing Co., Ltd ("MSFL") for the acquisition of the Maromba  

development rig.  

  

The project finance facility was significantly oversubscribed and will cover  

approximately 80% of the total FPSO project cost and is provided by a syndicate  

comprising The Export-Import Bank of China ("CEXIM"), Abu Dhabi Commercial Bank  

PJSC ("ADCB"), Arab Banking Corporation B.S.C. ("Bank ABC"), National Bank of  

Fujairah ("NBF"), and Commercial Bank of Dubai ("CBD"). CEXIM, ADCB and Bank ABC  

acted as Mandated Lead Arrangers, and ADCB and Bank ABC acted as Structuring and  

Advisory and Documentation Banks. Bank ABC is also acting as Technical Advisory  

Bank.  

  

The facility has an interest rate of SOFR plus a margin of 2.8%, and is  

structured as a project finance loan with progressive drawdowns during the  

construction period followed by a 6.5-year amortisation period after project  

completion. A commitment fee of 40% of the margin applies to undrawn amounts  

until completion.  

  

"The closing of this financing marks an important milestone in the Maromba  

development, demonstrating our ability to secure competitive long-term funding  

and build strong relationships with a diversified group of new lenders from  

Middle East and Asia. Furthermore, it reflects our strategy of reusing existing  

production infrastructure, which not only reduces overall development costs and  

environmental footprint but also enables access to cost-effective ECA-based  

financing." said Brice Morlot, CFO of BW Energy.  

  

The short-term lease with MSFL covers the purchase price of USD 107.5 million  

for the Super Gorilla class jack-up rig BW MAROMBA B. It allows BW Energy to  

begin preparations for the Maromba field development while working with MSFL to  

finalise the long-term funding. The current lease is structured as a bareboat  

charter with interest-only payments and will be replaced by a long-term charter  

once completed.  

  

For further information, please contact:  

Martin Seland Simensen, VP Investor Relations  

  

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, a 95% interest in the Maromba field in Brazil, a 95%  

interest in the Kudu field in Namibia, all operated by BW Energy. In addition,  

BW Energy holds approximately 7% of the common shares in Reconnaissance Energy  

Africa Ltd. and a 20% non-operating interest in the onshore Petroleum  

Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and  

resources were 599 million barrels of oil equivalent at the start of 2025.  

  

This information is subject to the disclosure requirements pursuant to Section  

5-12 the Norwegian Securities Trading Act

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