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%

About BW Offshore

BW Offshore engineers innovative floating production solutions. The Company has a fleet of 14 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.