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BW Offshore to Take Full Ownership of FPSO Petroleo Nautipa

Source: www.gulfoilandgas.com 7/24/2014, Location: Africa

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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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