BW Energy: Completes Maromba FPSO financing and signs short-term lease for the development rig

Issuer

BW Energy Limited

BW Energy: Completes Maromba FPSO financing and signs short-term lease for the
development rig

BW Energy is pleased to announce the completion of a USD 365 million project
finance facility, backed by China Export & Credit Insurance Corporation
("Sinosure"), to fund the refurbishment and redeployment of the Maromba Floating
Production Storage Offloading vessel ("FPSO") to the Maromba field offshore
Brazil. Separately, the Company finalised a short-term lease with Minsheng
Financial Leasing Co., Ltd ("MSFL") for the acquisition of the Maromba
development rig.

The project finance facility was significantly oversubscribed and will cover
approximately 80% of the total FPSO project cost and is provided by a syndicate
comprising The Export-Import Bank of China ("CEXIM"), Abu Dhabi Commercial Bank
PJSC ("ADCB"), Arab Banking Corporation B.S.C. ("Bank ABC"), National Bank of
Fujairah ("NBF"), and Commercial Bank of Dubai ("CBD"). CEXIM, ADCB and Bank ABC
acted as Mandated Lead Arrangers, and ADCB and Bank ABC acted as Structuring and
Advisory and Documentation Banks. Bank ABC is also acting as Technical Advisory
Bank.

The facility has an interest rate of SOFR plus a margin of 2.8%, and is
structured as a project finance loan with progressive drawdowns during the
construction period followed by a 6.5-year amortisation period after project
completion. A commitment fee of 40% of the margin applies to undrawn amounts
until completion.

"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.

The short-term lease with MSFL covers the purchase price of USD 107.5 million
for the Super Gorilla class jack-up rig BW MAROMBA B. It allows BW Energy to
begin preparations for the Maromba field development while working with MSFL to
finalise the long-term funding. The current lease is structured as a bareboat
charter with interest-only payments and will be replaced by a long-term charter
once completed.

For further information, please contact:
Martin Seland Simensen, VP Investor Relations

[email protected]

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 7% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 599 million barrels of oil equivalent at the start of 2025.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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