BW Offshore has initiated a process for reaching a mutual agreement for either of the two owners to take over the eventual 100% ownership of Tinworth Pte. Ltd., and correspondingly, the FPSO Petroleo Nautipa.
Tinworth Pte. Ltd. and the FPSO is currently 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries.
BW Offshore will make a further announcement upon execution of a sale and purchase agreement between the parties, expected to be within the next two weeks.
Press Release, July 09, 2014