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Tuesday, June 13, 2023
BW Offshore, following its announcement yesterday that it had extended the short-term contract for the FPSO Espoir Ivoirien, the company announced today that it has closed the transaction for the sale of the FPSO to its client for a total consideration of $20 million.
Following the transaction, BW Offshore will provide transitional O&M (Operations and Maintenance) services for a period of up to five months.
A Tullow Oil, a partner in the Espoir field, issued its own statement saying its “capital allocation strategy is to focus on its highest return producing assets and to maximize cash flow. In line with this strategy, Tullow is considering all options with respect to its interest in the Espoir field in Côte d’Ivoire. No formal commitments have been made. In the event this process develops, Tullow will update the market as appropriate.”
Partners in the Espoir field include Canadian Natural Resources, Tullow Oil, and state firm Petroci.
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