BW Energy Signs Long-Term Lease for Maromba Wellhead Platform

Reuters12-15
BW Energy Signs Long-Term Lease for Maromba Wellhead Platform

BW Energy Ltd. has announced the conversion of a short-term lease for the Super Gorilla class jack-up rig BW MAROMBA B into a long-term project lease agreement with Minsheng Financial Leasing Co. Ltd. $(MSFL)$. The new agreement covers the rig purchase and all costs required to prepare the MAROMBA B wellhead platform for drilling and production, representing USD 274 million of the previously communicated Maromba CAPEX. The lease, which has a ten-year term and a fixed daily rate of USD 120,500, will commence upon first oil for the Maromba development, with no payments due before that point. The rig is currently being transported from Singapore to Dubai for refurbishment and conversion before its deployment to Brazil for the Maromba field development.

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