The FPSO is being built for SBM Offshore, a leading Dutch FPSO leasing firm.

The contract's approval has triggered the commencement of the FEED activities, paving the way for the Whiptail development project.

Originally scheduled to resume production in early September, the FPSO is now expected to come back online in November 2023.

These vessels will be deployed at the Baleine field under a 15-year firm contract, with Phase 2 expected to start in the fourth quarter of 2024.

Under this contract, Bumi Armada will be responsible for supplying a floating production storage and offloading vessel and either a floating liquefied natural gas unit or a gas pipeline for potential development.

As part of the transaction, BW Offshore has entered into a bareboat charter with STAC to ensure uninterrupted operations for the client during a transition period of up to two months.

This collaboration aims to potentially reduce CO2 emissions from FPSOs by as much as 70%.

This timeline represents a delay from the previously expected resumption in early September 2023.

The financing involves a consortium of seven international banks.

BW Offshore secured the FPSO contract for the Barossa project in March 2021 and subsequently initiated a partnership involving ICMK Offshore Investment and Macquarie Bank.