Australia: BW Offshore Gets $32.5 million from BMG Settlement

BW Offshore has settled all claims and counter-claims related to the terminated Letter of Intent for the Basker Manta Gummy (BMG) project.

The settlement involves a cash payment of USD 32.5 million to BW Offshore, to be paid and booked in the third quarter of 2010. The court case is adjourned pending final payment.

About BW Offshore

BW Offshore is one of the world’s leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years’ experience and has successfully delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore’s technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange.

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Source: BWoffshore,September 8, 2010,