BW Offshore has been able to sell one of its three remaining African-based floating production storage and production (FPSO) vessels which it put up for sale.
BW Group’s FPSO provider said on Monday that it closed the transaction for the sale of the FPSO Espoir Ivoirien to its client CNR International for a total consideration of $20m.
to its client CNR International for a total consideration of $20m.This FPSO has an oil production capacity of 45,000 barrels per day. The production at the Espoir field off the Ivory Coast started in 2002. The oil produced from the Espoir East and West reservoir is processed, stored, and offloaded from the FPSO located between the two wellhead towers.
Following the transaction, BW Offshore will provide transitional operations and maintenance services for a period of up to five months.
This comes only a day after BW Offshore signed a short-term extension for the lease and operation of the Espoir Ivoirien FPSO so that it can discuss a potential purchase of the FPSO by the client. The firm period was extended only several days and was set to expire on June 15, 2023.
BW Offshore was able to already shed several assets this year. Namely, it offloaded its FPSO BW Athena to an undisclosed third party in late April. Before the sale, the vessel was in cold layup since it completed its operations in the UK North Sea.
A month earlier, BW sold its 1989-built unit BW Opportunity for $125m. As for other assets the company is advertising to sell, the Nigerian FPSOs Abo and Sendje Berge are still up for grabs, and BW Offshore hopes to close those deals in the first half of 2023.
