Singapore: BW Offshore announced yesterday that it has signed an agreement with Yinson to take 100% ownership of the FPSO vessel Petroleo Nautipa.
The FPSO vessel is jointly owned by BW Offshore and Yinson through a joint venture Tinworth. BW Offshore has now agreed to pay $49.3m for the 50% stake in the FPSO along with $10m for the working capital in Tinworth.
The transaction is expected to be completed in the third quarter of 2014.
Petroleo Nautipa is operating for Vaalco Energy in Gabon under a firm charter contract until 2020, with options for additional two years. [25/07/14]