We also need to remember that WPL holds a 31.5% interest in Browse, so for each vessel, the capex for WPL is about $4.5B.
With pricing upside from April 2014, volume upside from 2015, the Capex spend, spread over 4 years for WPL is about $3.2B per year for Browse. This could crimp dividends while this high capex is being spent, but the uplift by the end will be similar to Pluto for WPL holders.
BB is correct. WPL is in a nice spot with lots of options currently available to it.
Managing cash flow, CAPEX and the myriad partners in JV's is what the board and the CEO and his team are paid to do. IMO, they seem to be doing it OK.
HT1
afr article, page-3
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