BW Offshore announced that the BW Opal FPSO achieved First Gas on September 20, marking a critical milestone in the Santos operated Barossa LNG project. The achievement followed the successful reaching of Ready for Start-Up (RFSU) status on September 16, which initiated 60% of the contractual day rate under the charter agreement.

Operational Milestone and Revenue Impact

First Gas represents a critical phase in the formal transition from project to operations phase and demonstrates BW Opal's readiness to deliver stable energy production. The milestone system is structured with progressive revenue increases tied to operational achievements. The next milestone, Interim Performance Test (IPT), will increase the payable day rate to 85%. The final milestone, Practical Completion (PC), will conclude the delivery phase, trigger 100% of the day rate, and mark the commencement of the 15-year firm contract period, securing long-term revenues for the Company under the charter agreement.

Technical Specifications and Location

The BW Opal FPSO is designed to process 850 million standard cubic feet per day (MMSCFD) of gas and has a capacity of 11,000 barrels per day of stabilized condensate. The vessel will operate in the Santos operated Barossa gas field, located 285 kilometers offshore Darwin in the Northern Territory of Australia. The FPSO will play a central role in unlocking the resource potential of the Barossa field for years to come. The facility's positioning in Australian waters represents a significant operational deployment for BW Offshore's fleet.

Company Leadership and Strategic Impact

Marco Beenen, CEO of BW Offshore, characterized the achievement as significant for the company's operations. “Reaching First Gas on BW Opal is a tremendous achievement and a testament to the hard work, dedication, and collaboration of our teams, contractors, and partners,” said Beenen. “It demonstrates our commitment to delivering complex projects safely and efficiently, while supporting energy security and value creation for our stakeholders.”

Corporate Background

BW Offshore engineers innovative floating production solutions and maintains a fleet of FPSOs with potential and ambition to grow. The Company leverages four decades of offshore operations and project execution to create tailored offshore energy solutions for evolving markets worldwide. BW Offshore employs around 1,000 people and is publicly listed on the Oslo stock exchange.

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