Norway: BW Offshore Completes Two FPSO Conversion Projects

BW Offshore has completed Construction of the FPSOs BW Athena and BW Joko Tole and the units are currently in the final phase of commissioning before sail-away. The EPC project P-63/Papa Terra is also under completion in China until planned departure end of Q2 2012.

The FPSO Ningaloo Vision has been sold to Apache in January 2012 for USD 185 million.

The outlook for the energy market in general and BW Offshore’s position in particular remains strong. Based on BW Offshore’s diversification, presence, financial scale and competence, BW Offshore’s aim is to continue to play a significant role in the FPSO market with profitable growth. BW Offshore is currently pursuing several prospective projects.

The ongoing turmoil in the international financial market has not affected BW Offshore’s results nor the number of prospective projects.

BW Offshore is a leading global provider of floating production services to the oil and gas industry. With the acquisition of Prosafe Production in 2010, the company has become the world’s second largest contractor with a fleet of 14 FPSOs and 2 FSOs represented in all major oil regions world-wide. BW Offshore has an excellent track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In 30 years of production, BW Offshore has successfully executed more than 30 FPSO and FSO projects.

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Shipbuilding Tribune Staff, February 14, 2012; Image: ithacaenergy