Post by Karoon Energy

We’ve completed the acquisition of the FPSO Cidade de Itajaí, the facility responsible for production at the Baúna Field.       This is a strategic step that enhances our ability to manage operational and safety performance and is expected to reduce long-term operating costs, as well as provide us with greater flexibility to revitalise the facility, thereby potentially extending field life and increasing the value of the Baúna Project. From 2026 we expect to reduce long-term operating costs.      A Transition Services Agreement has been signed with Altera & Ocyan, the FPSO’s former owner and operator, to ensure continuity of operations and a smooth and safe handover process as Karoon assumes greater operational control of the FPSO. Meanwhile, the tender process for a new service provider(s), who will support Karoon as operator of the FPSO into the future, is progressing as planned and is expected to be concluded in mid-2025.      “Taking ownership of the Cidade de Itajaí FPSO marks a further significant milestone in Karoon’s evolution over the past five years from an explorer to an operator of offshore oil and gas production assets” - Julian Fowles, CEO and Managing Director of Karoon     We continue to move forward with a focus on safety and reliability while maximising long term value for our shareholders.     Read the full ASX release about the acquisition: https://lnkd.in/dHwYHYhr