Tullow Oil (TLW): TEN FPSO acquisition
This situation live
TLW Tullow Oil
20 Feb 2026 · SPA signed; completion expected end Q1 2027 · +114% until the next step
to be paid upon completion of the Transaction at the end of the first quarter of 2027.
20 Feb 2026 · SPA signed; completion expected end Q1 2027 · +114% until the next step
Acquisition of the TEN FPSO on behalf of the joint venture, expected to complete at the end of the first quarter of 2027 and funded from in-year TEN cash flow
28 Sep 2026 · SPA signed; completion expected end Q1 2027 · −50% since
As previously announced, in February 2026, Tullow signed a Sale and Purchase Agreement (SPA) to acquire the TEN FPSO for a net consideration of c.$126 million to be paid upon completion, which is expe
28 Sep 2026 · SPA signed; completion expected end Q1 2027 · −50% since
As previously announced, in February 2026, Tullow signed a Sale and Purchase Agreement (SPA) to acquire the TEN FPSO for a net consideration of c.$126 million to be paid upon completion, which is expe
TEN FPSO acquisition
SPA signed; completion expected end Q1 2027
MAR31
Next: Completion of TEN FPSO purchase in 158 days
Every step · 4
- 20 Feb 2026 SPA signed; completion expected end Q1 2027 – to be paid upon completion of the Transaction at the end of the first quarter of 2027. ↗
- 20 Feb 2026 SPA signed; completion expected end Q1 2027 – Acquisition of the TEN FPSO on behalf of the joint venture, expected to complete at the end of the first quarter of 2027 and funded from in-year TEN cash flow ↗
- 28 Sep 2026 SPA signed; completion expected end Q1 2027 – As previously announced, in February 2026, Tullow signed a Sale and Purchase Agreement (SPA) to acquire the TEN FPSO for a net consideration of c.$126... ↗
- 28 Sep 2026 SPA signed; completion expected end Q1 2027 – As previously announced, in February 2026, Tullow signed a Sale and Purchase Agreement (SPA) to acquire the TEN FPSO for a net consideration of c.$126... ↗
What is happening
Tullow Oil: TEN FPSO acquisition – SPA signed; completion expected end Q1 2027. ['SPA signed; completion expected end Q1 2027']
- In short
- Tullow signed an SPA in Feb 2026 to buy the TEN FPSO for c.$126m net, payable on completion. On 28 Sep 2026 completion was still expected at the end of Q1 2027. Tullow plans to use synergies with Jubilee to cut costs.
- Announced
- 20 Feb 2026 · SPA signed; completion expected end Q1 2027
- Latest
- 28 Sep 2026 · SPA signed; completion expected end Q1 2027
- Price
- c.$126 million net, paid on completion
- Completion
- Expected end of Q1 2027
- Rationale
- Operational synergies with Jubilee and further cost efficiencies
What comes next
Completion of TEN FPSO purchase (31 Mar 2027).
From the company's own announcements. Not investment advice.
Briefing
Tullow Oil in 5 minutes
Tullow is an oil producer that now depends almost entirely on two offshore fields in Ghana, Jubilee and TEN. After a run of Jubilee underperformance, it sold its Gabon and Kenya assets in 2025 and refinanced $1.3bn...
- Act 1Debt paid down, then Jubilee disappoints
- Act 2Selling Gabon and Kenya to cut debt
- Act 3Licences to 2040, a new debt deal and a new board
Also at Tullow Oil 3 open
Legal & regulatoryGhana tax disputes and receivables – ICC award against Tullow, 30 Sep 2026
Project milestonesJubilee drilling and seismic programme – 2025-26 campaign complete; Campaign 2 contracted
Sale process / strategic reviewAsset value-maximisation process – Board sub-committee to be formed post-closing
Insider conviction3 directors buying – £215k in 3 buys · closed
Balance-sheet stress / refinancingRefinancing of 2026 notes – Refinancing completed 27 April 2026 · closed
Tullow Oil – company page →