BW Offshore has entered into an agreement with the New Zealand government regarding the demobilisation of the FPSO Umuroa.
Tamarind Taranaki, the operator of Tui Field at New Zealand, terminated the contract for the FPSO last year after it went into insolvency in December 2019.
Under the agreement, the New Zealand government will cover costs for continued safe operations of the FPSO until the unit is disconnected from the Tui oil field.
Due to prevailing Covid-19 restrictions, the disconnection is not expected to be completed before second half of 2021.
As a result, the company has ceased the previously announced voluntary liquidation of BW Umuroa Pte, the owner of the FPSO Umuroa.