BW Offshore: Letter of Intent for acquiring stake in Polvo oil field
BW Offshore has signed a Letter of Intent to acquire 30% of the Polvo oil field in Brazil. The definitive agreements are still subject to a due diligence process to be conducted by BW Offshore, and remains subject to regulatory, governmental and board approvals.
Following the ongoing sale of BP's stake in the Polvo field to HRT Participações em Petróleo S.A. ("HRT"), BW Offshore has the intention to acquire half of HRT's stake. BW Offshore owns and operates the FPSO Polvo, operating under a firm contract until Q3 2014, with additional options until Q3 2022.
The Polvo oil field is located in the Campos basin in Brazil. The field was brought onstream in 2007, with a 2013 year to date production of approx. 12,000 bopd. The field installations include the FPSO Polvo, the Polvo A wellhead platform with a drilling rig and an infield pipeline.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876 (Media)
Jon Harald Kilde, General Manager Brazil, +55 21 98316 0285 (Brazilian media)
Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide. The company also operates additional 2 FPSOs. BW Offshore has a long track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In more than 30 years of production, BW Offshore has executed 38 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on www.bwoffshore.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.