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).
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.