BW Energy has signed a long-term lease agreement for the Maromba drilling and wellhead platform, converting a short-term lease for the Super Gorilla class jack-up…
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BW Energy has signed a long-term lease agreement for the Maromba drilling and wellhead platform, converting a short-term lease for the Super Gorilla class jack-up rig BW MAROMBA B into a project lease with Minsheng Financial Leasing (MSFL).
The new agreement covers the rig purchase and all costs required to bring the MAROMBA B unit to drilling and production readiness, BW Energy said.
The lease represents $274 million of the previously communicated capital expenditure for the Maromba project and provides a lease financing structure covering the development phase, followed by a ten-year lease term.
The lease will start upon first oil from the Maromba development, with no payments due prior to that milestone. It carries a fixed daily rate of $120,500, giving cost predictability over the duration of the lease.
The rig is currently en route from Singapore to Dubai and is expected to arrive before year-end. At a yard in Dubai, it will be refurbished and converted into a fully integrated drilling and production platform.
Following completion of the upgrade program, the unit will be mobilized to Brazil, where
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