2331 GMT - Barrenjoey's verdict on Karoon Energy's US$115 million deal to buy the floating production storage and offloading vessel at its Bauna oil field in Brazil: it's a steal. Analyst Dale Koenders previously estimated a deal would be done for US$150 million. The acquisition will enable Karoon to save US$25 million-US$45 million of annual net costs and better manage maintenance to improve reliability. It also means Karoon can be sure of an FPSO being available when its current lease ends, enabling it to investigate extending Bauna's life. "We estimate an internal rate of return on acquisition of 23%, and value of A$0.20/share," Barrenjoey says, although this was already assumed in its stock valuation. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 27, 2025 18:31 ET (23:31 GMT)
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