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
 -  Hurricane Spuds North Sea Halifax Well... (Jan 16)
 -  Inpex, ADNOC Agree to Extend Offshore ... (Jan 16)
 -  Jesse Norman to Take on Full Energy Br... (Jan 13)
 -  CNOOC Starts Penglai 19-9 Output (Jan 13)
 -  Report: CHC to Shut Down Bergen Base, ... (Jan 13)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
US Rock Springs, WY: Pump Technician I -II
Expertise: Field Service Tech
Location: Rock Springs, WY
 
Project Manager, Oil and Gas
Expertise: Budget / Cost Control|Planner / Scheduler|Project Management
Location: Harvey, LA
 
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours