BW Energy secures long-term lease for Maromba drilling and wellhead platform

BW Energy has formalised conversion of a short-term lease for Super Gorilla class jack-up rig BW Maromba B into a long-term project lease agreement with Minsheng Financial Leasing Co. Ltd. (MSFL), covering the rig purchase and all costs required to prepare the unit for drilling and production readiness in support of the Maromba field development offshore Brazil.

The lease arrangement, representing USD 274 million of previously communicated Maromba capital expenditure, provides an efficient financing structure for the project’s development phase, followed by a ten-year lease term. Lease obligations will commence upon first oil, with no payments due before that point, and the agreement features a fixed daily rate of USD 120,500, delivering cost visibility throughout the lease period. 

BW Maromba B, currently en route from Singapore to Dubai, is scheduled to arrive before year-end for refurbishment and conversion into a fully integrated drilling and production platform. The unit’s recent drilling activity in Australia supports an efficient upgrade and refurbishment programme. Upon completion, the platform will be mobilised to Brazil to begin drilling and completion work under the phased field development plan for Maromba.

BW Energy CFO Thomas Young said the lease agreement strengthens financial discipline and reflects a strong partnership with MSFL, enabling cost-efficient execution of the Maromba development.

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