BW Offshore: Impairment and Gain on Sale of Shares

Source: www.gulfoilandgas.com 2/14/2022, Location: South America

BW Offshore has decided to record an impairment to the book value of the FPSOs BW Athena, Espoir Ivoirien, Sendje Berge, Petróleo Nautipa and Umuroa amounting to USD 66.6 million in the fourth quarter of 2021. The impairment reflects reduced expectation of longer term extensions to current contracts for the listed vessels that are still in operation, as well as limited potential for future redeployment for the same units and for the abovementioned FPSOs that are in lay-up.

In addition, the company will record an impairment of USD 23.8 million related to the previously announced sale of Joko Tole and associated loss from the transaction. The company will further reverse a previous impairment of USD 4.2 million related to the sale of Cidade de São Vicente.

BW Offshore will also record a gain of USD 14.9 million from the sale of shares in BW Energy in October 2021.

The impairments and gain will be included in the fourth quarter earnings and annual 2021 accounts which will be published on 28 February 2022.


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