Petroleum Africa
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Tuesday, April 30, 2024
BW Energy has announced the execution of a sale and leaseback agreement with a Minsheng Financial Leasing Co entity (MSFL) for the MaBoMo production facility on the Dussafu License offshore Gabon. The agreement will provide $150 million of gross sales proceeds under a 10-year lease term with an option to repurchase the unit from the end of year seven.
The transaction frees up net $110 million of liquidity to BW Energy, in line with the working interest in the license. The proceeds will be used to finance the execution of BW Energy’s growth strategy including the continuing development projects in Gabon.
“We are very pleased to have executed the lease financing with MSFL. It represents a new source of funding at an attractive capital cost and supports execution of our strategy for long-term value-creation,” said Knut R. Sæthre the CFO of BW Energy.
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