tui ebitda 42 million in the first year, page-5

Bear in mind they took "put options" as opposed to actual hedging.

There will be an initial cost of the put options (treat it like an insurance premium), but if it goes below $50 they cash it in. I imagine whoever lent them the project money made them do this, and it makes perfect sense anyway. They hedged 750,000 barrels at US$50 a barrel. This would cover off most of their project debt commitments I would think.