[Australia] BW Opal

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BW Offshore has signed a contract with Santos Ltd. for the supply of a FPSO for the Barossa gas field, with initial production expected to commence during the first half of 2025.

The Barossa FPSO represents a new type of infrastructure-like contract for BW Offshore with attractive long-term returns, supported by strong partnerships with equity co-investors and banks.

Marco Beenen, CEO of BW Offshore

The Barossa gas field is located 300 kilometres offshore Darwin in northern Australia. Barossa will be developed via a FPSO with six subsea production wells, in-field facilities and a gas export pipeline tied into the Bayu-Undan to Darwin pipeline system that supplies gas to Darwin LNG. The Darwin LNG plant is located 6 kilometers from Darwin at Wickham Point and commenced production in 2006.


Securing a long-term contract

The Lease and Operate contract has a firm period of 15 years, with 10 years of options. The firm period contract value is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The contract is subject to Final Investment Decision (FID) by Santos and its partners.

The project capex of around USD 2 billion will be financed by banks and equity partners, in combination with BW Offshore, as well as approximately USD 1 billion in total advance lease payments during the construction period.

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

“This award confirms our ability to leverage extensive operational and development capabilities to win and execute offshore energy transition related projects. The Barossa FPSO represents a new type of infrastructure-like contract for BW Offshore with attractive long-term returns, supported by strong partnerships with equity co-investors and banks,” says Marco Beenen, CEO of BW Offshore.


Building a unit based on the RapidFramework® design

The unit for the Barossa gas field will be a large FPSO with processing capacity for up to 800 million standard cubic feet per day (MMSCFD) of gas and design capacity of 11,000 barrels per day of stabilised condensate. The FPSO will be turret moored with a newbuilt hull based on BW Offshore’s RapidFramework® design.

The innovative Rapid Framework® concept is based on experience from the development of the Catcher FPSO in 2017, allowing for concurrent hull construction and topside integration by removing interdependencies during construction phase. The robust design can accommodate the most advanced topsides. For Barossa, the topside weight is expected to be approximately 35,000 tons.

The Barossa FPSO will be built in South Korea and Singapore before being towed and permanently moored at the field where it will produce and process natural gas for export via pipeline to Darwin LNG. Condensate will be stored on the FPSO for periodic offloading.

“Our skilled project execution organisation, experience from the Catcher project and working with well-known suppliers and yards, positions us to efficiently design, construct and deliver the newbuild FPSO for Barossa using the BW Offshore RapidFramework® design,” says Mr. Beenen.

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30 April 2021

BW Offshore has awarded an Early Order to Proceed (EOP) to APL, part of NOV Completion and Production Solutions segment, for the supply of a large Submerged Turret Production (STP™) system for the Barossa gas and condensate field offshore Australia.



The Submerged Turret Production (STP™) is a unique, innovative, and flexible turret mooring system for floating production, storage, and offloading (FPSO) vessels, making it suitable for a wide range of applications. As a further development of the Submerged Turret Loading (STL™) system, STP is combined with a high-pressure multipath swivel to create a complete turret and swivel package.

STP or FPSO vessel mooring is developed from the basis of the proven STL system. The STP swivel mounted on top of the turret buoy transfers oil, water, gas, signals, and power from the geostationary riser system to the piping and cabling system of the freely weathervaning production vessel.

As for STL, the STP system enables schedule decoupling between the offshore and shipyard work. The disconnect feature of the buoy simplifies unplanned repair, upgrading, inspections, and replacement of the FPSO vessel as well as abandonment of the field.

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Samkang M&T has been awarded by BW Offshore to build the hull for the future Santos Barossa FPSO. Earlier on, BW Offshore was awarded the construction, commissioning and installation contract for the supply of Barossa FPSO. Prior to this, ConocoPhillips as the field operator has awarded MODEC, a Japanese FPSO contractor for the supply of the FPSO just before the oil price crashed lately. Santos soon farmed in, and with the intention of reducing CAPEX for the project, decided to 'spread out' the contracts for the project.

BW Offshore has recently awarded the contract for the topsides modules fabrication and installation to Dyna-Mac, a subsidiary of Keppel Offshore & Marine for a sum of USD 197 Million for the work to be carried out in SIngapore.

Early this year, TechnipFMC was awarded contract by Santos for the supply of the Subsea Production System worth between USD 75 to 200 Million and Subsea 7 was awarded the SURF contract by ConocoPhillips for a sum of USD 300 to 500 Million.

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BW Offshore completes Barossa FPSO debt financing

BW Offshore is pleased to announce the completion of the USD 1.150 billion project debt financing for the construction and operation of the FPSO for the Barossa gas field operated by Santos’ subsidiary Santos NA Barossa Pty Ltd on behalf of its joint venture partners.

The combined construction and long-term debt facility has been provided by a syndicate of 9 international banks. The facility will be gradually drawn over the course of the project period. The financing will become non-recourse once the FPSO has been completed and the pre-completion guarantee has been released. The facility has a tenor of 14 years with a balloon at maturity. The loan carries a base interest rate plus 2.50% margin during construction and 2.25% margin during the operational phase.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in the aggregate) for a further 10 years. The contract value based on the initial production period of 15 years is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The FPSO will be turret moored with a new built hull based on BW Offshore's RapidFramework® design. Initial gas production from the FPSO is expected during the first half of 2025.

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BW Offshore announced Barossa FPSO equity joint venture partnership

10.09.2021

BW Offshore is pleased to announce a partnership with international global infrastructure investors for the equity financing of the FPSO for the Barossa gas field offshore Australia operated by Santos’ subsidiary Santos NA Barossa Pty Ltd on behalf of the Upstream Joint Venture partners.

The Barossa FPSO Services contract has an initial production period of 15 years, with options to extend the production period (in the aggregate) for a further 10 years. The contract value based on the initial production period of 15 years is USD 4.6 billion. BW Offshore will be responsible for engineering, procurement, construction, installation, and operation of the FPSO. The FPSO will be turret moored with a new built hull based on BW Offshore's RapidFramework® design. Initial gas production from the FPSO is expected during the first half of 2025.

The Barossa FPSO will be financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion and USD 240 million from the equity joint venture, as well as approximately USD 1 billion in pre- payments by Santos and the Barossa Upstream Joint Venture Partners during the construction period.

The joint venture agreement has been signed by all parties and completion of the agreement is subject to certain customary regulatory approvals which are expected within the next month.

Joint Venture Shareholding

• 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%

• Macquarie Bank Limited - 24%

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06 May 2022
Keppel O&M awarded FPSO integration contracts worth around S$250 million from repeat customers

Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard), has been awarded contracts worth around S$250 million[1] from repeat customers for the integration of two Floating Production Storage and Offloading vessels (FPSO).

Mr Chor How Jat, Managing Director (Conversions & Repairs), Keppel O&M, said, “Despite a volatile market, we are pleased to be awarded contracts from our longstanding customers as it is a testament to the partnerships that we have built up over decades of collaboration. We are seeing signs of fundamental improvement in the market, and are well-positioned to team up with customers to provide innovative, reliable, quality, and value-added solutions.”

The first contract is between Keppel Shipyard and BW Offshore, a fully-owned subsidiary of the BW Group, to undertake the integration work on a newbuild FPSO. This follows the Letter of Award that Keppel Shipyard received from BW Offshore, as announced by Keppel on 25th November 2021[2].

Keppel Shipyard will be responsible for the installation and integration works of about 43,000 tons of topside modules, deck equipment and the turret mooring system, as well as completion and commissioning support for BW Offshore. The hull of the FPSO is expected to arrive in Singapore in mid-2023, with delivery scheduled for 2H 2024.

Keppel Shipyard has also signed contracts with Single Buoy Moorings, Inc. (SBM), as well as a joint-venture company between SBM and McDermott to undertake the fabrication, installation, and integration of topside modules for an FPSO project. The yard will also support SBM with pre-commissioning and commissioning work. Work is expected to commence in 2H 2022 ahead of the FPSO hull’s arrival in the yard in 1H 2023, with delivery scheduled for 2H 2024.

The above contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

[1] The combined contract value includes the value of the FPSO integration work which was previously disclosed in an announcement on 25 November 2021.

[2] https://www.kepcorp.com/en/media/media- ... 0-million/

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The latest rendering of BW Barossa FPSO

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Major Milestone for the Barossa Project



On 28 October 2023 at 11:30 local time, the newbuild hull for the BW Opal FPSO, which is based on BW Offshore’s RapidFramework® concept, started tow from the SK Oceanplant (SKOP) yard in South Korea, to the integration shipyard in Singapore, where it is expected to arrive later this month.

The BW Opal hull is one of the largest FPSO hulls ever built, with an overall length of 358 metres, a width of 64 metres. The hull has been built over the last 22 months, from first steel cut which was done on 24 November 2021. The hull is built in 6 giga blocks which have been joined in the floating dock. The hull was launched in June 2023 and subsequently, living quarters, engine casing and topsides process pipe racks have been installed. In addition to steel, 670 kilometers of cable has been pulled and around 30,000 pipe spools have been installed to complete construction, mechanical completion and pre-commissioning activities.



Upon arrival in Seatrium yard in Singapore, fully completed process modules, E-house and Turret modules will be lifted on to the hull to start integration activities. After completion of integration and commissioning, the fully commissioned BW Opal FPSO will start its voyage to Australia to commence production in the first half of 2025.

About Barossa
The Final Investment Decision (FID) for the FPSO for the Barossa project was confirmed by Santos and its partners on 30 March 2021, with a services contract including Operation & Maintenance (O&M) with a firm period of 15 years, and 10 years of options. The Barossa gas field is located 300 kilometres offshore Darwin in northern Australia, and will be developed via the BW Opal FPSO with six subsea production wells, in-field facilities and a gas export pipeline tied into the Bayu-Undan to Darwin pipeline system that supplies gas to Darwin LNG.

BW Offshore is responsible for engineering, procurement, construction, installation, and operation of the FPSO.

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BW Opal Sets Sail
28 May 2025



As in any FPSO project, sail-away marks a key milestone! Today, BW Opal officially departed the Seatrium’s flagship Tuas Boulevard Yard in Singapore, fully commissioned and ready for offshore deployment.

With 230 MW of installed power, gas processing facilities of 800 MSCFD and designed for a 25-year offshore lifespan, the BW Opal represents the culmination of years of engineering, global collaboration, and shared commitment. We extend a sincere thank you to everyone who has contributed to the development of the asset — our teams, partners, contractors, suppliers, and supporters around the world.

Preparing for sail-away

In the time leading up to the pivotal milestone that sail-away represents for any FPSO project, the asset, yard and corporate offices have been bustling with activity.

In mid-May, BW Offshore’s management team gathered in Singapore and took the opportunity to visit BW Opal ahead of sail-away. They held a session in one of the asset’s state-of-the-art meeting rooms, followed by lunch with the crew and supporting teams — providing a great opportunity to engage with the people working onboard.

Underpinning our commitment to maintaining a strong culture of safety, the pre-operations team spent a day at the corporate office at Mapletree Business City. Together with colleagues from various corporate functions, they participated in sessions focusing on culture, collaboration and safety – as well as practical information and preparations ahead of their upcoming journey.

Finally, on Saturday 24 May, BW Offshore hosted a Family Day at the yard, inviting families of employees to see the BW Opal for themselves. With its impressive hull length of 358 meters and a width of 64 meters, the asset is a remarkable sight — and for many, it was the first time seeing the scale of the project their loved ones have been part of. For our employees, sharing this moment with family was a meaningful and memorable experience.

On the morning of Wednesday 28 May, the BW Opal was ready for departure, and was expertly guided out of the bay before being handed over to the tugs who will transport the asset safely to its new home in Australia.

A special thank you to our longtime partner, Seatrium, for their contribution—supporting this project through the full integration, completion, and commissioning phase, all the way to readiness for sail-away. Their dedication has been key in preparing BW Opal for a safe and departure.

Onwards to Australia for Hook-Up and First Gas

Now that the asset has left Seatrium’s flagship Tuas Boulevard Yard, the BW Opal will be towed to the Barossa field in Northern-Australia, where hook-up operations will begin immediately upon arrival. This will be followed by the start-up phase, which includes offshore commissioning, well clean-up, and preparation for gas export which is scheduled to begin in Q3.

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First Gas achieved on the BW Opal FPSO

21 September 2025

BW Offshore is proud to announce that the BW Opal FPSO has achieved First Gas on 20 September, after successfully reaching Ready for Start-Up (RFSU) for the Santos operated Barossa LNG project on 16 September, initiating 60% of the contractual dayrate under the charter.

First Gas represents a critical juncture in the formal transition from project to operations phase and demonstrates BW Opal’s readiness to deliver stable energy production.

The next milestone, Interim Performance Test (IPT), will increase the payable dayrate to 85%. The final milestone, Practical Completion (PC), will conclude the delivery phase, trigger 100% of the dayrate, and mark the commencement of the 15-year firm contract period, securing long-term revenues for the Company under the charter agreement.

"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 Marco Beenen, CEO of BW Offshore. "It demonstrates our commitment to delivering complex projects safely and efficiently, while supporting energy security and value creation for our stakeholders."

The BW Opal FPSO, designed to process 850 million standard cubic feet per day (MMSCFD) of gas and capacity of 11,000 barrels per day of stabilised condensate, will operate in the Santos operated Barossa gas field, located 285 kilometres 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.

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BW Opal achieved first gas

21 September 2025

BW Offshore is proud to announce that the BW Opal FPSO has achieved First Gas on 20 September, after successfully reaching Ready for Start-Up (RFSU) for the Santos operated Barossa LNG project on 16 September, initiating 60% of the contractual dayrate under the charter.

First Gas represents a critical juncture in the formal transition from project to operations phase and demonstrates BW Opal’s readiness to deliver stable energy production.

The next milestone, Interim Performance Test (IPT), will increase the payable dayrate to 85%. The final milestone, Practical Completion (PC), will conclude the delivery phase, trigger 100% of the dayrate, and mark the commencement of the 15-year firm contract period, securing long-term revenues for the Company under the charter agreement.

"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 Marco Beenen, CEO of BW Offshore. "It demonstrates our commitment to delivering complex projects safely and efficiently, while supporting energy security and value creation for our stakeholders."

The BW Opal FPSO, designed to process 850 million standard cubic feet per day (MMSCFD) of gas and capacity of 11,000 barrels per day of stabilised condensate, will operate in the Santos operated Barossa gas field, located 285 kilometres 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.