To advance the Maromba field development offshore Brazil, BW Energy will refurbish and redeploy the Maromba floating production storage offloading vessel (FPSO).
The oil and gas operator, alongside China Export & Credit Insurance Corporation (Sinosure), has successfully completed a US$365mn project finance facility, to fund the vessel utilisation.
The company will also be acquiring the Super Gorilla class jack-up rig BW MAROMBA B rig via a short-term lease with Minsheng Financial Leasing Co.
The project finance facility was significantly oversubscribed and will cover approximately 80% of the total FPSO project cost and is provided by a syndicate comprising The Export-Import Bank of China (CEXIM), Abu Dhabi Commercial Bank PJSC (ADCB), Arab Banking Corporation B.S.C. (Bank ABC), National Bank of Fujairah (NBF), and Commercial Bank of Dubai (CBD). CEXIM, ADCB and Bank ABC acted as Mandated Lead Arrangers, and ADCB and Bank ABC acted as Structuring and Advisory and Documentation Banks. Bank ABC is also acting as Technical Advisory Bank.
The facility has an interest rate of SOFR plus a margin of 2.8%, and is structured as a project finance loan with progressive drawdowns during the construction period followed by a 6.5-year amortisation period after project completion. A commitment fee of 40% of the margin applies to undrawn amounts until completion.
“The closing of this financing marks an important milestone in the Maromba development, demonstrating our ability to secure competitive long-term funding and build strong relationships with a diversified group of new lenders from Middle East and Asia. Furthermore, it reflects our strategy of reusing existing production infrastructure, which not only reduces overall development costs and environmental footprint but also enables access to cost-effective ECA-based financing,” said Brice Morlot, CFO of BW Energy.
