Recycling the FSO Belokamenka in compliance with Hong Kong Convention

BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.

The FSO Belokamenka (IMO 7708314) is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980. The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters. It is flagged and registered in Panama and classed by DNVGL, and has been in lay-up off Indonesia since completing a contract as a crude oil terminal off Murmansk, Russia, in late 2015.  

The vessel is sold for a cash consideration of approximately USD 20 million.

To date the recycling yard has not been chosen. The buyer of the vessel will ensure that the chosen yard is certified to ISO 14001 and OSHMS 18001 standards, the Hong Kong Convention and the IMO 2012 guidelines. The buyer will further ensure that the recycling yard provides a statement of completion of the recycling in accordance with the Hong Kong Convention.

A recycling plan will be prepared and provided by the yard to ensure strict compliance with the above regulations. The company will nominate a representative to be on site at the recycling yard to monitor progress, compliance and that the recycling plan is being applied.

For further information, please contact:

Knut R. Sæthre, CFO, +47 911 17 876

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.