BW Offshore: Letter of Intent Signed to Acquire Stake in Polvo Oil Field

FPSO Polvo, image: BW Group

BW Offshore announced today a Letter of Intent has been signed to acquire 30% of the Polvo oil field located in the Campos Basin offshore Brazil.

The definitive agreements are still subject to a due diligence process to be conducted by BW Offshore however, and remains subject to regulatory, governmental and board approvals.

Following the ongoing sale of BP’s stake in the Polvo field to HRT Participações em Petróleo S.A. (“HRT”), BW Offshore has the intention to acquire half of HRT’s stake.

BW Offshore owns and operates the FPSO Polvo, operating under a firm contract until Q3 2014, with additional options until Q3 2022.

The Polvo oil field was brought onstream in 2007, with a 2013 year to date production of approximately 12,000 bopd. The field installations include the FPSO Polvo, the Polvo A wellhead platform with a drilling rig and an infield pipeline.

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