Energy
BW energy secures $208m financing for Gabon platform
BW Energy has obtained $208m in lease financing for the Akoum wellhead platform and extended its corporate credit facility.
Key points
- Minsheng Financial Leasing provided the 12-year lease covering full capital costs for the Bourdon field platform.
- First oil from the Bourdon development within the Dussafu licence is scheduled for the first quarter of 2028.
- BW Energy also extended its $250m revolving credit facility with DNB Bank to August 2028.
What happened
BW Energy has finalised $208m in project-level lease financing with Minsheng Financial Leasing for the Akoum wellhead platform at the Bourdon field offshore Gabon, according to Offshore Technology. The 12-year arrangement features an initial fixed period of eight years with an option for four additional years, replacing earlier short-term funding plans.
The financing covers the entire capital expenditure of the platform, which forms part of the BW Energy-operated Dussafu licence. Ownership of the infrastructure will transfer to the licence partners once the lease concludes. Additionally, BW Energy extended its $250m corporate revolving credit facility with DNB Bank to August 2028.
Why it matters
The funding agreement allows the company to cover full infrastructure costs without upfront equity. According to Offshore Technology, BW Energy chief financial officer Thomas Young stated that the project demonstrates how their business model delivers long-term capital financing.
Fuel exports accounted for 54% of Gabon's merchandise exports in 2023, according to World Bank figures. Developments such as the Bourdon field support production growth strategies aimed at increasing output as part of the company's broader operational pipeline across Gabon, Brazil and Namibia.
What comes next
Development work on the Bourdon project is proceeding following a final investment decision in May. First oil is targeted for the first quarter of 2028. The infrastructure is also designed to facilitate potential subsequent development phases in the area as the company works towards its longer-term production targets.
Original reporting
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Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
