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  • Kosmos Energy Announces Completion of Greater Tortue Ahmeyim FPSO Sale and Lease Back Transaction
    édité le 10/08/2021 - Plus de news de "Kosmos Energy" - Voir la fiche entreprise de "Kosmos Energy"


Kosmos Energy Announces Completion of Greater Tortue Ahmeyim FPSO Sale and Lease Back Transaction
Kosmos Energy announced that the transaction for the sale and lease back of the Greater Tortue Ahmeyim (“GTA”) floating, production, storage, and offloading vessel (“FPSO”) has been successfully completed.

Completion of the transaction secures additional funding for Kosmos’ future development costs on the GTA project. Capital expenditures associated with the GTA project in 2021 net to Kosmos were previously estimated to be around $350 million. With the completion of the GTA FPSO sale and lease back transaction, Kosmos’ 2021 capital expenditures associated with the GTA project have been reduced to approximately $190 million, with remaining cash calls on the project for 2021 covered through the proceeds of the sale. The balance of the sale proceeds, as well as the additional savings from the transfer of remaining FPSO construction payments to BP Buyer, are expected to be largely realized in 2022.

The company expects to refinance National Oil Company loans later this year, providing approximately $100 million in additional financing for the GTA project.

FPSO Sale and Purchase Agreement (FPSO SPA) and Lease Agreement

BP, as the operator of the GTA project (BP Operator), with the consent of the GTA Unit participants and the respective States, agreed to sell the GTA FPSO (which is currently under construction by Technip Energies in China) to an affiliate of BP (BP Buyer). The FPSO will be leased back to BP Operator under a long-term lease agreement, for exclusive use in the GTA project.

BP Operator will continue to manage and supervise the construction contract with Technip Energies. Delivery of the FPSO to BP Buyer will occur after construction is complete and the FPSO has entered international waters, with the lease to BP Operator becoming effective on the same date, currently estimated to be late third quarter of 2022.

Kosmos will reimburse BP Operator for its pro rata share of cost under the lease agreement, which will be classified as an operating expense.

GTA Project Status

Key workstreams across the GTA project continue to make good progress year-to-date with the following milestones achieved:

   - Floating LNG vessel: The four remaining sponsons have been integrated in the final dry dock
   - FPSO: The living quarters have been installed
   - Breakwater: Seven caissons have now been transported offshore with three caissons installed
   - Subsea: All subsea trees have been constructed

Andrew G. Inglis, Kosmos Energy’s Chairman and Chief Executive Officer, said: “We are pleased to have successfully completed this transaction, which secures additional funding for our future development costs on the GTA project. This transaction demonstrates the strength and alignment of the GTA partnership. Kosmos, BP, the Governments of Mauritania and Senegal, and the respective national oil companies, all recognize the strategic importance of the project and are working together to bring it to fruition.”

About Kosmos Energy

Kosmos (NYSE/LSE: KOS) is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.


Origine : Communiqué Kosmos Energy

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