Closing of the sale of the FPSO Polvo to BW Energy

03 May 2024

Reference is made to the announcement on 22 April 2022, whereby BW Offshore Limited (“BW Offshore”) announced the agreement to divest the FPSO Polvo to BW Energy Limited for USD 50 million. BW Energy has paid USD 30 million upon the vessel transfer date, with the remaining USD 20 million provided as a seller’s credit by BW Offshore.

BW Offshore has received the remaining USD 20 million plus interest. The final instalment concludes the transaction.

The FPSO Polvo, which was originally built for operation in the Polvo Field located off the coast of Brazil, successfully completed 14 years of production before being demobilised in 2021. After its acquisition by BW Energy Limited, the unit is currently set to undergo refurbishment in China, preparing for its forthcoming redeployment at the Maromba field.

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