BW Energy has entered into a USD 208 million project-level lease financing for the Akoum wellhead platform (WHP) to be installed on the Bourdon field offshore Gabon and has signed an 18-month extension to the USD 250 million corporate revolving credit facility (RCF). The agreements further strengthen the financing platform as BW Energy executes its long-term growth strategy.
'The Bourdon development is a great example of what our business model can deliver. Fourteen months from discovery to FID, and now the full infrastructure cost financed long term at an attractive cost of capital, without upfront equity,' said Thomas Young, CFO of BW Energy. 'Extending the RCF adds further flexibility as we grow towards more than 100,000 barrels per day.'
Akoum WHP lease
Following FID on the Bourdon development in the BW Energy-operated Dussafu licence in May, conversion of the Akoum rig into a 12-slot wellhead platform is progressing to plan. It will provide capacity for future planned development phases in the area, with first oil targeted in the first quarter of 2028.
The twelve-year lease is with Minsheng Financial Leasing Co., Ltd (MSFL) and replaces the previously announced short-term financing. It covers 100% of the platform's capital expenditure and has a firm term of eight years, with an option to extend by a further four years. Lease costs are shared by the Dussafu licence partners in line with their participating interests, with BW Energy's share at 73.5%. Ownership of the platform passes to the licence at the end of the lease.
RCF extension
BW Energy has exercised an option to extend the tenor of the RCF with DNB Bank by a further 18 months with the new maturity in August 2028 on same terms. The RCF provides enhanced financial flexibility in support of ongoing field development activities and general corporate purposes.
Source: BW Energy
