Saipem agrees to sell FPSO to BW Energy

Italy’s Saipem has signed a Memorandum of Agreement (MoA) for the sale of the FPSO Cidade de Vitoria, operated for Petrobras in the Golfinho field offshore Brazil, to Norwegian operator BW Energy.

Under the MoA, BW Energy will pay Saipem US$73 million of which $25 million is due at the Golfinho transaction closing, $13 million is due at FPSO takeover and customs clearance, expected in 2023, and $35 million will be paid in 18 monthly instalments following the takeover, stated Saipem.

Earlier this year BW Energy agreed to buy the Golfinho and Camarupim offshore field $75 million. So the sale of the FPSO is subject to the closing of that acquisition, which should happen in the first quarter of 2023.

Saipem added that: "Considering the terms of the Golfinho transaction, the current lease and operate contract between Saipem and Petrobras - which would have expired in February 2023 - has been extended until the FPSO takeover, or June 2024, whichever comes first."