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