Debt financing

Finalizes the debt financing of Barossa FPSO

BW Offshore complete Barossa FPSO debt financing

BW Offshore is pleased to announce the completion of the US $ 1.150 billion project debt financing for the construction and operation of the Barossa gas field FPSO operated by Santos subsidiary, Santos NA Barossa Pty Ltd, on behalf of its joint venture partners.

The combined facility for construction and long-term borrowing was provided by a syndicate of 9 international banks. The facility will be used gradually over the life of the project. Funding will become non-recourse once the FPSO is completed and the pre-completion guarantee is released. The facility has a term of 14 years with a mature balloon. The loan has a base interest rate plus a 2.50% margin during construction and 2.25% during the operation phase.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in total) by an additional 10 years. The contract value based on the initial 15-year production period is USD 4.6 billion. BW Offshore will be responsible for the engineering, procurement, construction, installation and operation of the FPSO. The FPSO will be moored in a turret with a new hull built based on BW Offshore’s RapidFramework® design. Initial gas production from the FPSO is expected in the first half of 2025.

For more information, please contact:
Stèle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

[email protected] or

About BW Offshore:
BW Offshore develops innovative floating production solutions. The Company has a fleet of 14 FPSOs with potential and ambition for growth. By leveraging four decades of offshore operations and project execution, the company creates bespoke offshore energy solutions for evolving markets around the world. BW Offshore has around 2,000 employees and is listed on the Oslo Stock Exchange.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

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