Kosmos Completes Greater Tortue Ahmeyim FPSO Transaction
Kosmos Energy (NYSE/LSE: KOS) announced that the transaction for the sale and lease back of the Greater Tortue Ahmeyim (“GTA”) floating, production, storage, and offloading vessel (“FPSO”) has been successfully completed.
Completion of the transaction secures additional funding for Kosmos’ future development costs on the GTA project. Capital expenditures associated with the GTA project in 2021 net to Kosmos were previously estimated to be around $350 million. With the completion of the GTA FPSO sale and lease back transaction,
Kosmos’ 2021 capital expenditures associated with the GTA project have been reduced to approximately $190 million, with remaining cash calls on the project for 2021 covered through the proceeds of the sale. The balance of the sale proceeds, as well as the additional savings from the transfer of remaining FPSO construction payments to BP Buyer, are expected to be largely realized in 2022.
The company expects to refinance National Oil Company loans later this year, providing approximately $100 million in additional financing for the GTA project.
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