BW Offshore's Barossa FPSO JV Gets Regulatory Approval

September 24, 2021

World Energy Reports LLC.
credit-offshore-125815.jpg

FPSO supplier BW Offshore has received regulatory approvals for the Joint Venture Partnership consisting of BW Offshore Limited, ICMK Offshore Investment Pte Ltd, and Macquarie Bank Limited for the Barossa FPSO project.

As previously informed, the partnership will contribute to the equity financing of the FPSO for the Barossa gas field offshore Australia, which BW Offshore is building for Australia's Santos.

The Barossa FPSO will be financed by a 14-year combined construction and long-term bank loan of $1.15 billion and $240 million from the equity joint venture, as well as about $1 billion in pre-payments by Santos and the Barossa Upstream Joint Venture Partners during the construction period.

The Barossa FPSO JV shareholding is now as follows: 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%; and Macquarie Bank Limited - 24%.

The lease and operate contract between BW Offshore with Santos has a firm period of 15 years, with 10 years of options. The firm period contract value is $4.6 billion. BW Offshore is responsible for the engineering, procurement, construction, installation, and operation of the FPSO.

Initial gas production from the turret-moored FPSO is expected during the first half of 2025.


Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Demo