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BW Energy completes acquisition of the FPSO Cidade de Vitoria

Published by , Editorial Assistant
Oilfield Technology,

BW Energy has completed the acquisition of the FPSO Cidade de Vitoria from Saipem S.p.A. The FPSO is currently producing approximately 10 000 bpd of oil from the Golfinho field offshore Brazil, supported by the Company’s local operating organisation.

According to the agreement that was entered into in June 2022, BW Energy will pay Saipem a total of US$73 million in fixed consideration for the FPSO, of which US$38 million was paid in the 3Q23. A further US$35 million will be paid in 18 monthly instalments following the takeover, with the first instalment already paid.

The FPSO Cidade de Vitoria is a flexible unit with 1.6 million barrels of storage capacity. The unit, which recently underwent repairs and upgrades, can produce more than 100 000 bpd of oil and has additional capacity for gas production and compression. It positions BW Energy to efficiently increase production from the Golfinho cluster with ample oil and gas handling capacity to accommodate the upside from planned future developments. The FPSO acquisition will enable BW Energy to reduce the whole field OPEX.

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