Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin, announces that, further to its announcement of 24 August 2026 regarding the acquisition of the OSX-1 floating production, storage and offloading vessel ('FPSO') for use in the accelerated development of the Central Development Area at Sea Lion, it has entered into an agreement to acquire its 35 per cent. pro rata participating interest in the OSX-1 FPSO (the 'Subscription Agreement').
Pursuant to the Subscription Agreement, Rockhopper has agreed to subscribe for US$44.0 million of ordinary shares in a newly incorporated special purpose vehicle (the 'SPV') that owns the OSX-1 FPSO. The subscription will be funded from the Company’s existing cash resources. This subscription amount reflects the Company’s 35 per cent. share of the previously disclosed aggregate acquisition cost of the OSX-1 FPSO, estimated approximately US$125 million.
The SPV is a newly incorporated private company whose sole asset is the OSX-1 FPSO, and it has no material trading history or other business activities. Rockhopper is expected to incur net holding costs, attributable to Rockhopper’s 35 per cent. pro rata participating interest, of approximately US$1.4 million per annum.
Source: Rockhopper Exploration
