BW Energy announces that the short-term lease for the Super Gorilla class jack-up rig BW MAROMBA B signed in September 2025 has been successfully converted into a long-term project lease agreement with Minsheng Financial Leasing Co. Ltd. (MSFL).

The new lease agreement covers the rig purchase and all costs required to bring the MAROMBA B wellhead platform to drilling and production readiness. This represents USD 274 million of the previously communicated Maromba CAPEX and provides an efficient lease financing structure for the project’s development phase, followed by a ten-year lease term.

The lease will commence upon first oil for the Maromba development, with no payments due before this point. The lease carries a fixed daily rate of USD 120,500, providing cost predictability throughout the lease period.

“We are pleased to establish an attractive lease financing for the full scope of the Maromba wellhead platform investment, building on our strong relationship with MSFL,” said Thomas Young, the CFO of BW Energy. “This agreement further highlights our ability to consistently leverage repurposed production infrastructure to enable cost-efficient greenfield developments.”

The rig is currently en route from Singapore to Dubai, with expected arrival before year-end. At the yard in Dubai, it will be refurbished and converted into a fully integrated drilling and production platform. The unit’s recent drilling service in Australia supports an efficient upgrade and refurbishment programme. When completed, it will mobilise to Brazil and commence drilling and completion work according to the phased development plan for the Maromba field.

For further information, please contact:
Martin Seland Simensen, VP Investor Relations
ir@bwenergy.no                                                                  

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