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BW Terminates LOI for Acquiring Stake in Polvo Field

Source: www.gulfoilandgas.com 4/14/2014, Location: South America

On 13 December 2013, BW Offshore announced the Letter of Intent ("LOI") to acquire 30% of the participating interests in the Polvo oil field in Brazil from HRT O&G Exploracao e Producao de Petroleo Ltda. ("HRT"). Such transaction was subject to due diligence, and regulatory, governmental and board approvals. Upon the expiry of the backstop date under the LOI on 8 April 2014, BW Offshore elected to terminate the aforesaid LOI pursuant to its terms.

BW Offshore is operating the FPSO Polvo on the Polvo field under a fixed contract until Q3 2015, with options until Q3 2022. BW Offshore and HRT will continue their positive working relationship in operating the field.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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