BW Offshore Acquires FPSO Crystal Sea

BW Offshore Limited (BWO) has purchased the FPSO Crystal Sea from Seadrill Limited. The purchase price is US$80 million. As settlement the seller has received US$60 million in cash and US$20 million in BWO shares at NOK 27.90 per share. The FPSO was delivered to BWO Thursday and is expected to be employed on an undisclosed intended FPSO contract with commencement within 12 months.

The FPSO Crystal Sea is a dynamic positioned FPSO and was built in 1994.

The purchase contract includes an indemnification from the previous owner for any intervention and claims originating from the time when the FPSO was owned by the previous owner.

As settlement for part of the purchase price corresponding to US$20 million (as described above), BWO will issue 4,408,602 new shares in the company to the previous owner of the FPSO. The issue price will be NOK 27.90 per share. After the issuance, there will be 264,974,750 shares in issue in BWO.

BW Offshore's CEO, Svein Moxnes Harfjeld, said: "It is BWO's long-term goal to broaden its product offering in the oilfield services market. With the purchase of FPSO Crystal Sea we are taking a step forward in that ambition. We are already in dialogue with a client for an intended FPSO contract involving the Crystal Sea."

BW Offshore is one of the world's leading FPSO contractors. BW Offshore is publicly listed and part of the BW Group, one of the world's largest maritime groups. The company's operational head office is in Oslo, Norway, and its assets operate in Nigeria, Mauritania and Russia. Also, BWO recently entered into Mexico and set up a strategic cooperation in Malaysia.

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