Floating production platform supplier BW Offshore announced Thursday an agreement with Yinson to take 100-percent ownership of the FPSO vessel Petroleo Nautipa.
The floating production, storage and offloading vessel has been jointly owned by BW Offshore and Yinson through a joint venture company called Tinworth Pte. Ltd. BW Offshore has now agreed to pay $49.3 million for the 50-percent stake in the FPSO acquired from Yinson along with $10 million for the working capital in Tinworth.
The transaction is expected to be completed during 3Q 2014.
The Petroleo Nautipa is currently operating for Vaalco Energy in Gabon under a firm charter contract until 3Q 2020, with options for an additional two years.
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