BW Offshore: Termination of the LOI for acquiring stake in Polvo oil field
On 13 December 2013, BW Offshore announced the Letter of Intent ("LOI") to acquire 30% of the participating interests in the Polvo oil field in Brazil from HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT"). Such transaction was subject to due diligence, and regulatory, governmental and board approvals. Upon the expiry of the backstop date under the LOI on 8 April 2014, BW Offshore elected to terminate the aforesaid LOI pursuant to its terms.
BW Offshore is operating the FPSO Polvo on the Polvo field under a fixed contract until Q3 2015, with options until Q3 2022. BW Offshore and HRT will continue their positive working relationship in operating the field.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
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.