Announces Barossa FPSO Equity JV Partnership

Source: www.gulfoilandgas.com 9/10/2021, Location: Not categorized

BW Offshore is pleased to announce a partnership with international global infrastructure investors for the equity financing of the FPSO for the Barossa gas field offshore Australia operated by Santos’ subsidiary Santos NA Barossa Pty Ltd on behalf of the Upstream Joint Venture partners.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in the aggregate) for a further 10 years. The contract value based on the initial production period of 15 years is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The FPSO will be turret moored with a new built hull based on BW Offshore's RapidFramework® design. Initial gas production from the FPSO is expected during the first half of 2025.

The Barossa FPSO will be financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion and USD 240 million from the equity joint venture, as well as approximately USD 1 billion in pre- payments by Santos and the Barossa Upstream Joint Venture Partners during the construction period.

The joint venture agreement has been signed by all parties and completion of the agreement is subject to certain customary regulatory approvals which are expected within the next month.

Joint Venture Shareholding
BW Offshore Limited - 51%
ICMK Offshore Investment Pte Ltd (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) - 25%
Macquarie Bank Limited - 24%


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