BW Offshore takes vessel ownership

Petroleo Nautipa: Now under control of BW Offshore

Dual-listed BW Offshore is set to take full ownership of the Petroleo Nautipa floating production, storage and offloading vessel.

BW Offshore signed a sale and purchase agreement worth $49.3 million with Norwegian player Yinson to take a 100% ownership of the vessel, owned by Tinworth.

The vessel was 50-50 owned by BW Offshore and Yinson through their respective wholly-owned Norweign subsidiaries.

On top of the $49.3 million paid for the 50% interest, BW Offshore will pay another $10 million for the working capital in Tinworth.

The vessel is working for Vaalco Energy in Gabon under a firm charter contract.

It will work there until the third quarter of 2020, with an option for an extra two years.

Newsletter signup

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login