BW Offshore Gives Up Polvo Field Stake

Norwegian oilfield services provider BW Offshore announced Monday that it has chosen to terminate a letter of intent that would have allowed it to acquire 30 percent of the interest in the Polvo oilfield, offshore Brazil, from HRT O&G Exploração e Produção de Petróleo Ltda.

BW announced the letter of intent on December 31 2013, but the deal was subject to due diligence and regulatory, governmental and board approvals. On the expiry of the backstop date on April , BW decided to terminate the letter of intent.

BW continues to operate the FPSO Polvo on the Polvo field under a fixed contract that will last until the third quarter of 2016. The firm has an option to continue the contract until 3Q 2022.

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