BW Energy acquires rig for Kudu development off Namibia

BW Energy on October 25 said that the new development plan for the Kudu gas field offshore Namibia will use a repurposed semisubmersible drilling rig as a floating production unit.

The company has signed an agreement to acquire the semisubmersible drilling rig Leo from Aquadrill for $14mn. Repurposing will enable an optimisation of the project timeline and significantly reduce capital investments compared to previous development concepts, it said.

BW said that the development of the Kudu field is an attractive opportunity for the company to engage in the electricity market and potentially fully or partially assume a position as an independent power producer through strategic partnering.

“We consider the electrification of the African economies as a significant long-term growth opportunity for BW Energy and a potential avenue for us to develop a new strategic position closer to the end customers of energy,” said BW CEO Carl Krogh Arnet said.

The timing of the final project sanctioning is subject to realising a project financing solution for the Kudu gas to power project, the company said.