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.

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