BW Offshore: Acquisition of 30% stake in the Maromba field offshore Brazil
14 Marzo 2019 - 1:00PM
With reference to the stock exchange release dated
8 March 2019.
BW Offshore has entered into an agreement to acquire the remaining
30% of the Maromba field offshore Brazil for a total acquisition
cost of USD 25 million from Chevron. Closing of the acquisition is
subject to fulfilment or waiver of conditions precedents, including
approval by The Brazilian National Agency of Petroleum, Natural Gas
and Biofuels (ANP) to close the transaction and deem BW Offshore an
approved operator in Brazil.
The acquisition price will be paid
over three milestones. The first milestone of USD 10 million is due
on receipt of ANP approval as operator and formal sanction of the
transaction, expected in the second half of 2019. The second
milestone of USD 5 million is due at start of drilling activities
and the third part-payment, representing the remaining USD 10
million, after achieving cumulative production of 250,000 barrels
of oil from the area.
The Company will proceed to
finalise the Plan of Development (PoD) for approval by The
Brazilian National Agency of Petroleum, Natural Gas and Biofuels
(ANP).
For further information, please
contact:
Knut R. Sæthre, CFO, +47 911 17 876
About BW Offshore:
BW Offshore is a leading provider of floating production services
to the oil and gas industry. The company also participates in
developing proven offshore hydrocarbon reservoirs. BW Offshore is
represented in all major oil and gas regions world-wide with a
fleet of 15 owned FPSOs. The company has more than 30 years of
production track record, having executed 40 FPSO and FSO projects.
BW Offshore is listed on the Oslo Stock Exchange.
This information is subject to the disclosure
requirements pursuant to section 5 -12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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