Karoon Energy Strengthens Offshore Operations with Strategic FPSO Acquisition

Karoon Energy Ltd. (ASX: KAR), an ASX-listed international oil and gas company, has completed the acquisition of the Baúna FPSO (Cidade de Itajaí) via its Brazilian subsidiary from Altera & Ocyan. The total transaction cost was US$123 million, comprising a US$115 million purchase price and approximately US$8 million in transaction expenses. This strategic acquisition enables Karoon to assume full operational control of the FPSO, thereby improving cost efficiency and operational flexibility. A Transition Services Agreement has been signed to ensure seamless handover and operational continuity, while the tendering for a long-term service provider is underway and expected to conclude by mid-2025. CEO Dr. Julian Fowles highlighted this milestone as pivotal in Karoon’s transformation from a pure explorer to a full-scale offshore production operator. The acquisition is expected to extend the life and enhance the value of the Baúna Project, positioning Karoon for sustainable growth and operational excellence​

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