BW Offshore Limited
BW Offshore Limited
05/26/2022 | Press release | Distributed by Public on 05/26/2022 09:50
BW Offshore: Awarded limited notice to proceed for Shell's Gato do Mato development in Brazil
Tid26.05.2022, 15:47:20
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BW Offshore: Awarded limited notice to proceed for Shell's Gato do Mato development in Brazil
Awarded limited notice to proceed for Shell's Gato do Mato development in Brazil
BW Offshore is pleased to announce the award of a limited notice to proceed
(LNTP) by Shell Brasil Petróleo Ltda (Shell) and its partners for early-stage
engineering and supplier reservations for the supply of an FPSO for the Gato do
Mato oil and gas field offshore Brazil.
The LNTP is valued up to USD 50 million. Upon completion of the LNTP, Shell and
its partners target to award a lease and operate contract to a consortium
comprising BW Offshore and Saipem S.p.A., which will be jointly responsible for
the engineering, procurement, construction, and installation (EPCI) of the FPSO
with expected delivery in 2026. The award is subject to the parties finalising
the commercial and pricing terms of the contract in view of the current
inflationary supply chain market and a final investment decision to proceed by
Shell and its partners.
The FPSO lease and operate contract will have a firm period of 18 years with
seven years of options.
"We have a clear strategy of developing and operating infrastructure type
floating production solutions with long-term contracts and investment grade
counterparties. Gato do Mato is a robust project meeting all our requirements,"
said Marco Beenen, the CEO of BW Offshore. "We will replicate the Barossa
project model, bringing in equity partners, and take it one step further by
partnering with Saipem for the EPCI phase to add execution capacity and
capabilities. We are very pleased to team up with Saipem and look forward to
building a long-term relationship with Shell and its partners in Brazil."
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 12 FPSOs with potential and ambition to grow. By leveraging four
decades of offshore operations and project execution, the Company creates
tailored 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 considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act. This stock exchange release
was published by Eric Stousland, IR & Corporate Finance at BW Offshore, on
26.05.2022 at 17:46 CEST
BW Offshore is pleased to announce the award of a limited notice to proceed
(LNTP) by Shell Brasil Petróleo Ltda (Shell) and its partners for early-stage
engineering and supplier reservations for the supply of an FPSO for the Gato do
Mato oil and gas field offshore Brazil.
The LNTP is valued up to USD 50 million. Upon completion of the LNTP, Shell and
its partners target to award a lease and operate contract to a consortium
comprising BW Offshore and Saipem S.p.A., which will be jointly responsible for
the engineering, procurement, construction, and installation (EPCI) of the FPSO
with expected delivery in 2026. The award is subject to the parties finalising
the commercial and pricing terms of the contract in view of the current
inflationary supply chain market and a final investment decision to proceed by
Shell and its partners.
The FPSO lease and operate contract will have a firm period of 18 years with
seven years of options.
"We have a clear strategy of developing and operating infrastructure type
floating production solutions with long-term contracts and investment grade
counterparties. Gato do Mato is a robust project meeting all our requirements,"
said Marco Beenen, the CEO of BW Offshore. "We will replicate the Barossa
project model, bringing in equity partners, and take it one step further by
partnering with Saipem for the EPCI phase to add execution capacity and
capabilities. We are very pleased to team up with Saipem and look forward to
building a long-term relationship with Shell and its partners in Brazil."
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 12 FPSOs with potential and ambition to grow. By leveraging four
decades of offshore operations and project execution, the Company creates
tailored 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 considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act. This stock exchange release
was published by Eric Stousland, IR & Corporate Finance at BW Offshore, on
26.05.2022 at 17:46 CEST