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BW Offshore sells another FPSO in divestment drive
BW Offshore has sold a small oil production ship and appointed a new chief strategy officer as it transitions into a floating energy infrastructure investment group
The Oslo, Norway-listed vessel owner sold BW Athena to an undisclosed third party 19 April, after the ship had been laid up in Scotland, UK for several years.
This 8,232-gt floating production storage and offloading (FPSO) ship was built initially as a platform supply vessel and converted into an FPSO in a Dubai drydock in 2012.
BW Offshore said the “sale of the FPSO will have a limited positive effect on results to be presented for Q2 2023.”
At the time of the transaction closure, the FPSO was unencumbered and debt free. It had oil processing capacity of 30,000 barrels per day (b/d), could handle 37,000 ft3/d and water injection of 30,000 b/d. BW Athena has turret-mooring and onboard storage for around 50,000 barrels of oil.
This 125-m FPSO served Ithaca Energy’s Athena field in the Moray Firth area from 2012 to 2016. It has been in cold layup at Rosyth, Scotland, since.
BW Athena’s sale is part of a larger divestment strategy that has already seen the sale of BW Opportunity for US$125M in March to another unnamed buyer. BW Offshore also sold FPSO BW Joko Tole for US$50M and plans to sell other legacy oil production assets.
BW Offshore’s fleet consists of five FPSOs operating or located in west Africa, BW Catcher in the UK, BW Pioneer in the US Gulf of Mexico and FPSO Polvo in Brazil.
BW Offshore has promoted Anders Platou to the position of chief strategy officer, starting 1 July 2023, from his previous role as head of corporate finance and strategy. Mr Platou joined BW Offshore in 2018 after working at DNB in various capacities within corporate and investment banking.
“Anders has been instrumental for BW Offshore’s delivery on strategic priorities for long-term value creation,” said BW Offshore chief executive Marco Beenen.
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