Final Investment Decision made for Barossa field development

Final Investment Decision made for Barossa field development

With reference to the stock exchange release dated 23 March 2021.

BW Offshore is pleased to announce that Santos Ltd. and its partners have made Final Investment Decision (FID) for development of the Barossa gas field 300 kilometres offshore Darwin in Australia. The FID confirms BW Offshore’s contract for the supply of the FPSO to the Barossa gas field is effective as of 30 March 2021.  

The Lease and Operate contract has a firm period of 15 years, with 10 years of options. The firm period contract value 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.

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 15 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Una Holmen, Manager IR, BW Offshore on 30 March at 07.30.