Petroleum Africa
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Tuesday, August 29, 2023
Press Release
Milan (Italy), August 28, 2023 – With reference to the Memorandum of Agreement (MOA) signed by BW Energy and Saipem, for the sale of the FPSO Cidade de Vitória, and the related press release issued on June 27, 2022, Saipem has been officially notified that BW Energy and Petrobras have achieved the Golfinho transaction closing, according to which BW Energy has acquired 100% operating working interest in the Golfinho field.
According to the MOA, BW Energy agreed to pay Saipem a consideration equal to 73 million USD, of which 38 million USD is due at the Golfinho transaction closing and 35 million USD will be paid in 18 monthly installments following the takeover.
The closing of the Golfinho transaction was condition precedent under the MOA for the sale and initial payments for the FPSO, which is currently operating at full production capacity.
Saipem and BW Energy are now working to complete the takeover and delivery process of the FPSO Cidade de Vitória, expected to occur within the fourth quarter of 2023.
Saipem will continue to operate the FPSO, providing operation and maintenance services to BW Energy until the takeover.
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