The two companies intend to offer cost effective production solutions for the global oil and gas industry, leveraging ICBC's position as an arranger of financing to the offshore sector and BW Offshore's expertise in designing, developing and operating FPSOs.
“A strong financial partner enables BW Offshore to address new growth opportunities,” said Andreas Sohmen-Pao, the chairman of the board of BW Offshore.
The two companies will establish a project consortium framework, and explore and develop mutually beneficial FPSO and FPSO related projects globally. The cooperation will also aim to build a platform to promote Norwegian and Chinese cooperation on the international arena.
The first joint project as part of the cooperation agreement is ICBC's equity participation in the BW Catcher FPSO through the subscription of preference shares. The FPSO, a $1.2bn investment, will operate on the Catcher field in the UK North Sea with start-up towards the end of 2017.
The parties further agree to establish a cooperation to explore the Kudu-gas-to-power infrastructure project where BW Offshore holds a 56% stake in the upstream license.