BW Offshore has initiated a process for reaching a mutual agreement for either of the two owners to take over the eventual 100% ownership of Tinworth Pte. Ltd., and correspondingly, the FPSO Petroleo Nautipa.
Tinworth Pte. Ltd. and the FPSO is currently 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries.
BW Offshore said it would make a further announcement upon execution of a sale and purchase agreement between the parties, expected to be within the next two weeks.
BW Offshore is a 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.