BW Energy completes $73 million acquisition of FPSO Cidade de Vitoria

World Oil Staff November 22, 2023

(WO) — BW Energy has finalized the acquisition of the FPSO Cidade de Vitoria from Saipem S.p.A. The FPSO, currently yielding approximately 10,000 barrels per day from the Golfinho field offshore Brazil, is under the operational umbrella of BW Energy's local operating organization.

In line with the June 2022 agreement, BW Energy will pay Saipem a fixed consideration of $73 million for the FPSO, with $38 million settled in the third quarter of 2023. The remaining $35 million will be disbursed in 18 monthly installments post-takeover, the initial installment already processed.

Featuring 1.6 million barrels of storage capacity, the FPSO Cidade de Vitoria, a versatile unit recently upgraded, can produce over 100,000 barrels per day of oil, with additional capacity for gas production and compression. This strategic acquisition positions BW Energy to efficiently enhance production in the Golfinho cluster, accommodating planned future developments and reducing overall field operational expenditures.

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