BW Energy sells MaBoMo production facility offshore Gabon for $150 million
(WO) – BW Energy executed 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 $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 $110 million of liquidity for BW Energy, in line with the working interest in the license. The proceeds will be used to finance 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.
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 license 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 MMboe at the start of 2024.
