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  • 2022 January 24 13:44

    BW Offshore signed an agreement for the sale of the FPSO BW Joko Tole

    Agreement to divest the FPSO BW Joko Tole

    BW Offshore has today Jan 24 signed an agreement for the sale of the FPSO BW Joko Tole to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The transaction is part of BW Offshore’s strategy to transition to floating energy infrastructure investments.

    The sale will free up over USD 50 million of liquidity, comprising of net sale proceeds of USD 42.5 million and the release of USD 9 million of working capital upon closing. There is no debt attached to the FPSO. The Company expects to book a loss from the transaction of around USD 23 million and a tax expense of approximately USD 12 million from the write-down of a related deferred tax asset. These non-cash items will be recorded in the accounts for the fourth quarter of 2021.

    “The transaction follows our strategy of optimising value from the non-core FPSO fleet, which includes divesting assets with marginal contracts close to end of the firm period, while progressing our transition to floating energy infrastructure investments,” said Marco Beenen, the CEO of BW Offshore. “We are pleased that the BW Joko Tole has found a new owner with a strong local connection which will continue to operate the unit in Indonesia.”

    The transaction is subject to customary conditions precedent with closing expected late in the first quarter of 2022.   
    BW Offshore will provide transition services for a period of up to four months after closing to ensure safe and uninterrupted transfer of operations including the local organisation operating the FPSO to the new buyer. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia.

    About BW Offshore
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 14 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 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 Una Holmen, Sen Man Comm at BW Offshore, on January 24, 2022 at 08.00 CET.





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