Tullow Oil plc’s subsidiary, Tullow Ghana Limited (TGL), on behalf of itself and its joint venture partners, has signed a Sale and Purchase Agreement (SPA) to acquire the floating production, storage, and offloading (FPSO) vessel Prof. John Evans Atta Mills for a gross consideration of $205 million (approximately $125.6 million net to Tullow). Completion is …
Tullow Oil to acquire TEN FPSO for $205 Million, aiming for cost efficiencies
Tullow Oil plc’s subsidiary, Tullow Ghana Limited (TGL), on behalf of itself and its joint venture partners, has signed a Sale and Purchase Agreement (SPA) to acquire the floating production, storage, and offloading (FPSO) vessel Prof. John Evans Atta Mills for a gross consideration of $205 million (approximately $125.6 million net to Tullow).
Completion is expected by the end of the first quarter of 2027, subject to regulatory approvals.
The FPSO serves as the production facility for the TEN Fields on the Deep Water Tano Block offshore Ghana. Following the acquisition, Tullow intends to maximise operational synergies with the adjacent Jubilee Field, reduce fixed costs by eliminating annual lease payments, and achieve further cost efficiencies to support long-term development of both fields.
The transaction aligns with Tullow’s strategy to optimise production, improve economics, and create additional free cash flow potential beyond 2027.
Tullow CEO Ian Perks described the acquisition as “another important milestone… strengthening the foundations for future value creation
