BW Offshore: Sendje Berge Termination
With reference to stock exchange release dated 1 March 2017.
Sendje Berge Limited, a subsidiary of BW Offshore Limited (BWO), has today received termination notice for the FPSO Sendje Berge operating under a contract with Addax Petroleum Exploration Nigeria Limited (Addax) on the Okwori field offshore Nigeria.
The termination will have effect from 6 November 2017 and Addax has requested BWO to provide a demobilisation plan for the FPSO.
BWO will continue the process with the enforcement of the arbitration award for all outstanding claims against Addax. The outstanding gross claim at the end of the first quarter 2017 was USD 61.8 million.
For further information, please contact:
Knut R. Sæthre, CFO, +47 9111 7876
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 14 owned FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. 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.This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)