BW Offshore has signed an agreement to recycle the FPSO Umuroa in compliance with the Hong Kong International Convention at Baijnath Melaram (‘the Yard’) in India.
The sale will generate USD 13.5 million in net liquidity.
The Yard is certified to ISO standards and has been issued with a Statement of Compliance by Class NK in accordance with the IMO Resolution MEPC.210(63) and the Hong Kong International Convention for the safe and environmentally sound recycling of ships.
BW Offshore will nominate a third-party to be on site at the recycling yard to ensure Health, Safety and Environmental regulations are followed. A Ship Recycling Plan has been prepared and provided by the Yard in cooperation with the Gujarat Maritime Board in compliance with the above regulations. To further incentivise safe operations, the Company will pay a “safe recycling” bonus upon completion.
For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance & Strategy, +47 99 50 47 40
[email protected] or www.bwoffshore.com
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 13 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.