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BW Offshore: acquisition of 30% stake in the Maromba field offshore Brazil

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Oilfield Technology,

BW Offshore has entered into an agreement to acquire the remaining 30% of the Maromba field offshore Brazil for a total acquisition cost of US$25 million from Chevron.

Closing of the acquisition is subject to fulfilment or waiver of conditions precedents, including approval by The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) to close the transaction and deem BW Offshore an approved operator in Brazil.

The acquisition price will be paid over three milestones. The first milestone of US$10 million is due on receipt of ANP approval as operator and formal sanction of the transaction, expected in the second half of 2019. The second milestone of US$5 million is due at start of drilling activities and the third part-payment, representing the remaining US$10 million, after achieving cumulative production of 250 000 bbls from the area.

The Company will proceed to finalise the Plan of Development (PoD) for approval by The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

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