BW Energy locks down multimillion-dollar financing for offshore platform and production growth

The path from discovery to first oil is moving at a fast pace for BW Energy, which is laying the groundwork for its expansion offshore Gabon.

The path from discovery to first oil is moving at a fast pace for BW Energy, which is laying the groundwork for its expansion offshore Gabon.

2 minutes read LinkedIn X Email FPSO BW Adolo works at on the Dussafu Marin license off the coast of Gabon Source: BW Offshore As it marches toward a production target of 100,000 barrels per day, Oslo-listed oil and gas exploration and production (E&P) player BW Energy has shored up its balance sheet to support its long-term growth ambitions, securing a $208 million project-level lease for an offshore field’s wellhead platform (WHP) off the coast of Gabon alongside an 18-month extension on its corporate credit facility.

BW Energy has entered into a $208 million project-level lease financing for the Akoum wellhead platform to be installed on the Bourdon field offshore Gabon and signed an 18-month extension to the $250 million corporate revolving credit facility (RCF).

These agreements further strengthen the financing platform as the firm executes its long-term growth strategy.

Thomas Young , CFO of BW Energy, commented: “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.

Extending the RCF adds further flexibility as we grow towards more than 100,000 barrels per day.” The path from discovery to first oil is moving at a fast pace for BW Energy, which is laying the groundwork for its expansion offshore Gabon.

2 minutes read LinkedIn X Email FPSO BW Adolo works at on the Dussafu Marin license off the coast of Gabon Source: BW Offshore As it marches toward a production target of 100,000 barrels per day, Oslo-listed oil and gas exploration and production (E&P) player BW Energy has shored up its balance sheet to support its long-term growth ambitions, securing a $208 million project-level lease for an offshore field’s wellhead platform (WHP) off the coast of Gabon alongside an 18-month extension on its corporate credit facility.

BW Energy has entered into a $208 million project-level lease financing for the Akoum wellhead platform to be installed on the Bourdon field offshore Gabon and signed an 18-month extension to the $250 million corporate revolving credit facility (RCF).

These agreements further strengthen the financing platform as the firm executes its long-term growth strategy.

Thomas Young , CFO of BW Energy, commented: “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.

Extending the RCF adds further flexibility as we grow towards more than 100,000 barrels per day.” Following a final investment decision (FID) on the Bourdon development in the BW Energy-operated Dussafu license in May, conversion of the Akoum rig, formerly Jasmine Alpha, into a 12-slot wellhead platform is said to be progressing to plan.