- Norway’s FPSO operator BW Offshore concludes the sale of a floating production, storage, and offloading (FPSO) vessel to BW Energy for redeployment at a field off the coast of Brazil.
- The acquisition marks a significant step for BW Energy’s Maromba development project, with plans for refurbishment and deployment of the FPSO Polvo.
BW Offshore finalizes the sale of FPSO Polvo to BW Energy, marking the successful completion of the acquisition agreement signed in April 2022. The $50 million transaction includes an initial payment of $30 million upon vessel transfer, with the remaining $20 million facilitated through a seller’s credit.
Refurbishment and Redeployment
Originally operating in Brazil’s Polvo field for 14 years, FPSO Polvo undergoes demobilization in 2021 and awaits refurbishment in China before redeployment at the Maromba field. The vessel’s upgrade is integral to BW Energy’s strategic plans for the Maromba development project offshore Brazil.
Strategic Investment in Maromba Project
BW Energy’s entry into the Maromba project in 2019, with interest acquisition from Petrobras and Chevron totaling $115 million, underscores the company’s commitment to expanding its presence in the Brazilian offshore sector. The development plan includes a phased drilling campaign aimed at maximizing oil production.
Production Capacity and Timeline
With anticipated peak oil production ranging between 30-40,000 barrels per day, FPSO Polvo boasts significant storage and production capacities, making it a critical asset for the Maromba field development. Planned first oil production is scheduled for 2025, with subsequent drilling campaigns expected to further enhance production capacity by 2027.
Environmental Considerations
BW Offshore’s sale of another FPSO from its fleet for recycling underscores the company’s commitment to sustainable practices in asset management. The decision aligns with global efforts to promote responsible disposal of decommissioned offshore infrastructure.
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Source: Offshore-Energy
