BW Energy has completed a $365 million project finance facility to fund the refurbishment and redeployment of the Maromba floating production, storage and offloading vessel (FPSO) to Brazil’s Maromba field.
The loan, backed by China Export & Credit Insurance Corporation (Sinosure), was significantly oversubscribed and will cover around 80% of total project costs, the company said.
The syndicate includes the Export-Import Bank of China, Abu Dhabi Commercial Bank, Arab Banking Corporation, National Bank of Fujairah, and Commercial Bank of Dubai.
Abu Dhabi Commercial Bank and Bank ABC acted as structuring and advisory banks, with Bank ABC also serving as technical adviser.
The facility carries an interest rate of SOFR plus 2.8% and is structured with progressive drawdowns during construction, followed by a 6.5-year amortization period.
BW Energy finalized a short-term lease with Minsheng Financial Leasing (MSFL) for the $107.5 million purchase of the Super Gorilla-class jack-up rig BW Maromba B. The deal, structured as a bareboat charter with interest-only payments, will later be replaced by a long-term charter.
The Maromba development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands. First oil is planned by end-2027 with expected plateau production of 60,000 barrels of oil per day.
“The closing of this financing marks an important milestone in the Maromba development, demonstrating our ability to secure competitive long-term funding and build strong relationships with a diversified group of new lenders from Middle East and Asia.
“Furthermore, it reflects our strategy of reusing existing production infrastructure, which not only reduces overall development costs and environmental footprint but also enables access to cost-effective ECA-based financing,” said Brice Morlot, CFO of BW Energy.
BW Energy made a final investment decision (FID) for the Maromba development in May 2025, stating it will more than double its net production by 2028.
The Maromba development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands. First oil is planned by end-2027 with expected plateau production of 60,000 barrels of oil per day.