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BW Energy locks long-term rig deal for Brazil project
BW Energy locks long-term rig deal for Brazil
About this update from Bw Energy Ltd.
BW Energy has converted a short-term lease for a jack-up rig destined for offshore Brazil into a long-term charter, the Oslo -listed company said in a press release, confirming a change in financing for its Maromba field development. The operator said the Super Gorilla class jack-up BW Maromba B, initially leased under a short-term agreement signed in September 2025 , is now covered by a long-term project lease with China’s Minsheng Financial Leasing Company . The lease includes the rig purchase and all expenditure needed to prepare the unit for drilling and production. The Maromba project, with total development costs estimated at $1.5bn , combines an integrated drilling and wellhead platform connected to a refurbished floating production, storage and offloading vessel previously deployed at Brazil’s Polvo field. First oil is planned by the end of 2027, with output expected to reach 60,000 barrels per day at plateau. BW Energy said the lease represents $274mn of previously announced capital expenditure and “provides an efficient lease financing structure for the project’s development phase, followed by a 10-year lease term”. Payments will begin only once production starts, at a fixed daily rate of $120,500 . Chief financial officer Thomas Young said the agreement is “attractive” and builds on the company’s “strong relationship” with Minsheng. The rig is currently sailing from Singapore to Dubai for refurbishment and conversion. © 2025 bne IntelliNews, source Magazine