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BW Offshore: Purchases VLCC for future conversion project

Bergesen Worldwide Offshore has today entered into an agreement to purchase the Suezmax tanker MT Genie for future conversion project to an FPSO.
 
Bergesen Worldwide Offshore has today entered into an agreement to purchase the Suezmax tanker MT Genie, 155,000 dwt, 1.2 million barrel, built 1976 at Gøtavärken, Sweden, for future conversion project to an FPSO. The purchase price is USD 16.0 million and the vessel will be delivered in Singapore in January 2007. The vessel will be renamed BW Pioneer and will be included in the Company`s inventory of conversion hulls.
 
After the above purchase, BW Offshore has two FPSO conversion candidates, the BW Nisa, 322,000 dwt and the BW Pioneer, 155,000 dwt.