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BW Offshore FPSO contract extended by VAALCO
BW Offshore has been awarded a contract extension by VAALCO Energy for 1975-built FPSO Petróleo Nautipa. The extension is for one year through to the third quarter of 2021, and includes a further one-year extension option. FPSO Petróleo Nautipa is operating on the Etame field offshore Gabon.
BW Offshore to Fully Own FPSO Petroleo Nautipa
Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa, owned through Tinworth Pte. Ltd. Tinworth, and correspondingly the FPSO, has been 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries. The price for the 50% stake acquired from Yinson is USD 49.3 million, plus approximately USD 10 million consideration for the working capital in Tinworth. Petroleo Nautipa is operating for Vaalco Energy in Gabon under a firm charter contract until Q3 2020, with options for additional two years. Completion of the transaction is expected within Q3 2014.
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