Oslo Stock Exchange-listed BW Offshore has sold the VLCC BW Opal for USD 85.5 million to BW Group.
The transaction is performed on an arms-length basis, based on independent valuation reports and technical inspection of the vessel.
The agreement also includes an option for BW Offshore to buy-back the vessel until Q1 2017, the company disclosed.
BW Opal is a Daewoo Shipbuilding & Marine Engineering (DSME) designed and built VLCC (320,000 dwt) from 2012.
BW Group owns 49.75% in BW Offshore and is represented on the Board of Directors of BW Offshore.
BW Offshore is the world’s second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide. The company also operates additional 2 FPSOs.