BW Offshore Terminates LoI for Polvo Oil Field

  • Business & Finance

BW Offshore has elected to terminate the Letter of Intent (LOI) to acquire 30% of the participating interests in the Polvo oil field in Brazil from HRT O&G Exploração e Produção de Petróleo Ltda. (HRT).

BW Offshore Terminates LoI for Polvo Oil Field.

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 decided to withdraw from this pursuit.

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.

BW Offshore is a provider of floating production services to the oil and gas industry. 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.

Press Release, April 14, 2014
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