BW Energy Completes Maromba FPSO financing and signs short-term lease for the development rig

BW Energy is pleased to announce the completion of a USD 365 million project finance facility, backed by China Export & Credit Insurance Corporation (“Sinosure”), to fund the refurbishment and redeployment of the Maromba Floating Production Storage Offloading vessel (“FPSO”) to the Maromba field offshore Brazil. Separately, the Company finalised a short-term lease with Minsheng Financial Leasing Co., Ltd (“MSFL”) for the acquisition of the Maromba development rig.

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.