Floating Production Services News

BW Offshore, a provider of floating production services to the oil and gas industry, has successfully completed a NOK 900 million senior unsecured bond issue with a coupon of three months NIBOR + 4.50% and maturity in December 2023.The Oslo Stock Exchange-listed company said that the settlement of the new bond issue is scheduled for 4 December 2019.The existing NOK bonds have either been repurchased as part of the offering or will be called with settlement mid-January 2020.In combination with the USD 297.4 million convertible bond issue announced on 5 November 2019, the new bond successfully concludes the company’s refinancing of its existing NOK bonds maturing between 2020 and 2022…

The provider of floating production services to the oil and gas industry BW Offshore has signed an agreement to dispose of the FSO Belokamenka for recycling in compliance with the Hong Kong Convention.The Oslo-listed company said in a press release that the FSO Belokamenka  is an Ultra Large Crude Carrier (ULCC) of 360,700 deadweight-ton capacity built in Japan in 1980.The vessel is 340.5 meters long, 65 meters wide and has a depth of 31.5 meters. It is flagged and registered in Panama and classed by DNVGL, and has been in lay-up off Indonesia since completing a contract as a crude oil terminal off Murmansk, Russia, in late 2015. The vessel is sold for a cash consideration of approximately USD 20 million.To date the recycling yard has not been chosen.

The provider of floating production services to the oil and gas industry BW Offshore is pleased to announce the sail away of the FPSO BW Adolo. The vessel has left anchorage in Singapore and is currently in transit to the Tortue field offshore Gabon. BW Adolo is expected to arrive at the field in August 2018. "We are firmly on track for first oil later this year", said Carl K. Arnet, the CEO of BW Offshore. The BW Adolo has an oil storage capacity of 1,350,000 barrels and a production capacity of 40,000 barrels of oil per day. The Tortue field is one of four proven discoveries in the Ruche area, within the Dussafu Licence, offshore Gabon. BW Offshore also participates in developing proven offshore hydrocarbon reservoirs.

Global provider of floating production services to the oil and gas industry BW Offshore has signed an interim extension agreement for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 30 April 2018. The short term extension has been agreed to secure operational continuity while joint work is continuing to conclude the negotiations. Two weeks ago, BW Offshore received notice from Petrobras of the exercise of a one-year extension of the contracts relating to the FPSO Cidade de São Mateus. BW Offshore will continue its dialogue with the client towards finalising a firm plan for the FPSO. The FPSO Cidade de São Mateus remains in lay-up. BW Offshore is a leading global provider of floating production services to the oil and gas industry.

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022. The company has also announced that BW Catcher FPSO received the First Oil Certificate following the successful completion of the 72-hour interim performance test subsequent to the introduction of hydrocarbons on 23rd December 2017. BW Catcher FPSO is owned and operated by BW Offshore and the First Oil Certificate confirms the commencement of a seven-year fixed term contract, with extension options of up to 18 years. The Catcher field partnership is made up of Premier Oil (50%), Cairn Energy (20%), MOL Group (20%) and Dyas (10%).

BW Offshore, a leading global provider of floating production services to the oil and gas industry, announced the sail away of the FPSO BW Catcher. The vessel has left Keppel Shipyard in Singapore and is currently in transit to the Catcher field in the central North Sea. BW Catcher is expected to reach UK waters early in the fourth quarter, depending on prevailing weather conditions. Upon its arrival, BW Catcher will commence a seven-year fixed term contract, with extension options of up to 18 years, with Premier Oil. Based on a field life of 10 years, the contract value is USD 2.3 billion including FPSO charter rate and opex. "The BW Catcher has been completed on time and within budget, and we are especially pleased with the good HSE performance during the construction project.

BW Offshore, which delivers floating production services to the oil and gas industry, sees signs of an improved market. "It's still early days but we definitely see a pick-up in discussions and tendering activity," CEO Carl Arnet said during the firm's first-quarter earnings presentation. Says Brazil will be important but also sees activity elsewhere. BW Offshore reported Q1 earnings below forecast on Monday. Regarding the FPSO Cidade de Sao Mateus, which has been off work since an explosion in February 2015: Insurance settlement gave a positive liquidity effect in Q1.

Floating production services provider SBM Offshore responded to media reports of a potential settlement with Petrobras regarding tenders in Brazil, stating the discussions are presently ongoing and a conclusion has not been reached.   SBM Offshore announced September 28 that it was invited to participate in Petrobras tenders.   The company said it is in constructive discussions with the authorities but will not further comment pending the finalization of these discussions.

Provider of floating production services to the oil and gas industry, BW Offshore, says it has signed a 5-year, $12 million contract with Orange Business Services for an end-to-end satellite communication solution for its fleet of oil and gas production vessels. Orange Business Services is providing Maritime VSAT – a fully managed end-to-end satellite-based communication solution – which fully integrates BW Offshore’s 14 vessels and two land-based locations into the Orange MPLS network. This solution offers BW Offshore personnel access to the exact same business applications, communication and entertainment services at sea as on land, no matter where the vessel is located.

Kongsberg Maritime Engineering (KME), the wholly owned Engineering, Procurement and Construction (EPC) subsidiary of global maritime technology developer Kongsberg Maritime, will deliver an Integrated Control and Safety System for the new BW Offshore Catcher FPSO. The contract follows BW Offshore’s signing of a lease and operate contract with Premier Oil and its joint venture partners at the end of April 2014 for a FPSO to operate on the Catcher oil field in the U.K. North Sea. The field is owned by Premier Oil (50%, operator), Cairn Energy (30%) and MOL (20%). BW Offshore's scope includes the delivery of the FPSO, mooring system, installation and operation of the unit throughout the charter period.

The intended sale completion of EOC's majority equity interest in the owning and operating of the FPSO 'Perisai Kamelia' (formerly known as 'Lewek Arunothai' has been put back to 31, August 2013. The vessel is to be sold according to an earlier agreement between to Perisai Petroleum Technologi BHD (Perisai) from EOC Limited. Labuan, Malaysia (being the state of incorporation of one of the Target Entities) relating to the transfer of shares in a Labuan-incorporated company, the Company and Perisai have agreed that completion of the FPSO Sale will be extended from 15 August 2013 to 31 August 2013. EOC Limited offers offshore floating production services that support the full life cycle of offshore oil and gas (O&G) production.

BW Offshore has agreed an extension for their FPSO's 'Abo' and ''. The extension for Abo is with Nigerian Agip Exploration Ltd of nine months. and for Sendje Berge with Addax Petroleum Exploration Ltd of three months. These extensions have been agreed to secure operational continuity while joint work to detail longer term programs for investment and production are completed. About BW Offshore:
 BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide.

Keppel Shipyard is on track to delivering FPSO Lewek Arunothai to EOC Limited (EOC) for a South East Asian client. The 725,000 bbls storage FPSO was named at a ceremony on June 21. FPSO Lewek Arunothai is the first FPSO that Keppel Shipyard has converted for EOC. The first part of the vessel’s refurbishment and life extension was carried out at Subic Shipyard in the , while the engineering, procurement and topside fabrication were in progress in . The vessel then sailed to Keppel Shipyard to complete the remaining conversion and integration of topside works.