BW Offshore to Fully Own FPSO Petroleo Nautipa

Following to BW Offshore (XY8.F)'s announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa, owned through Tinworth Pte. Ltd.

Tinworth, and correspondingly the FPSO, has been 50/50 owned between BW Offshore and Yinson Holdings Berhad through their respectively wholly owned Norwegian subsidiaries.

The price for the 50% stake acquired from Yinson is USD 49.3 million, plus approximately USD 10 million consideration for the working capital in Tinworth.

Petroleo Nautipa is operating for Vaalco Energy (EGY) in Gabon under a firm charter contract until Q3 2020, with options for additional two years.

Completion of the transaction is expected within Q3 2014.