Yinson said in a stock market announcement that BW Offshore had proposed to reach a mutual agreement over the eventual 100% ownership of the Petroleo Nautipa FPSO and its owner Tinworth Pte Ltd by either parties.
The FPSO is owned by Tinworth, a 50:50 joint venture between Nautipa AS, a wholly owned subsidiary of Yinson Production, and Prosafe Nautipa AS, a subsidiary of Prosafe Production Public Ltd, which is ultimately held by BW Offshore.
The FPSO was one of three that came as part of Yinson's buyout of Fred Olsen Production
The offer from BW Offshore proposes a sale and purchase agreement for either a 100% equity interest in Prosafe Production or 100% equity of Nautipa, as the case may be. Completion will be conditional upon receipt of Yinson’s shareholder approval.
“The board will deliberate and decide on the offer to either acquire the 100% equity interest in Prosafe Nautipa or dispose its 100% equity interest in Nautipa,” Yinson said.
The Petroleo Nautipa FPSO contract would last until September next year, with options for a one-year extension.
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