BW Offshore to Take 100 Pct Ownership of Petroleo Nautipa FPSO

BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa, owned through Tinworth Pte. Ltd.

Tinworth, and correspondingly the FPSO, has been 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries.

The price for the 50% stake acquired from Yinson is USD 49.3 million, plus approximately USD 10 million consideration for the working capital in Tinworth.

Petroleo Nautipa is operating for Vaalco Energy in Gabon under a firm charter contract until Q3 2020, with options for additional two years.

Completion of the transaction is expected within Q3 2014.

Press Release, July 24, 2014