Saipem Announces Sale of FPSO Cidade de Vitoria to BW Energy

Source: www.gulfoilandgas.com 6/27/2022, Location: South America

A Memorandum of Agreement ("MoA") for the sale of the FPSO Cidade de Vitoria, now owned by Saipem and run for Petrobras in the Golfinho field offshore Brazil, was signed by Saipem and BW Energy.

The sale of the FPSO is subject to the closing of the acquisition by BW Energy of the 100% operating working interest in the Golfinho field from Petrobras (“Golfinho transaction closing”) expected to occur in the first quarter 2023.

Under the MoA, BW Energy will pay Saipem 73 million USD of which 25 million USD is due at the Golfinho transaction closing, 13 million USD is due at FPSO takeover and customs clearance, expected in 2023, and 35 million USD will be paid in 18 monthly instalments following the takeover.

Considering the terms of the Golfinho transaction, the current lease and operate contract between Saipem and Petrobras - which would have expired in February 2023 - has been extended until the FPSO takeover, or June 2024, whichever comes first.

This agreement is in line with the assumptions of the 2022-25 strategic plan.


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