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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Contracts Negotiator
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Houston
 
Electronics technician
Expertise: Electrical Technician|Field Service Tech|Mechanical Technician
Location: El Reno, OK
 
Senior Operator 1 - Slickline
Expertise: Slickline
Location: Kenai, AK
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours