Ann: Annual General Meeting Presentation, page-66

The capital costs you have quoted are for the life of the FPSO....

The most expensive FPSO ever built cost 3 billion, which included everything brand new, https://gcaptain.com/worlds-largest-fpso-departs-samsung-heavy-industries/ by Samsung and that was in 2013 when brent averaged $98 for the year.
Its one of the biggest FPSO ever built, brand new...not conversion, with production of 200k bopd and 2.3 million barrel storage.

I understand its complicated.......but the JV lodged an exploitation plan based on leasing in 2018.
Are you seriously trying to tell me they had not crunched all the numbers then?
Are you seriously trying to tell me that the JV only discovered in October that Modec wouldn't lease?
Surely that question would have been dealt with in 2018 before the exploitation plan was lodged?
WPL had been there for 18 months+ at that stage.
Its pretty obvious that CNE and FAR were completely blindsided by the extra cost....I'd suggest Petrosen borrowing from WPL fits as well.
I have no idea how that could have happened but its clear it did. The JV partners had no choice but to vote for it as the lease was about to expire......
I find it pretty much impossible to believe that WPL and CNE would lodge an exploitation plan in 2018 without getting the biggest part of that, the FPSO, sorted.
It suits WPL to gold plate the phase 1 as they are the only one's with the cash.
Anyway its all immaterial now.
CNE must be wondering how they got screwed....FAR I understand.