The two parties had previously had a joint equal stake in the floating production storage and offloading (FPSO) unit, that is working offshore Gabon.Earlier this month BW Offshore made an offer to take over Yinson's stake. The deal has now been concluded and it has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO. The deal also includes approximately $10m consideration for the working capital in Tinworth, BW Offshore said in a press release. Completion of the transaction is expected within the third quarter.
Petroleo Nautipa is operating for Vaalco Energy in Gabon under a firm charter contract until Q3 2020, with options for additional two years.
Yinson became part owner of FPSO Petroleo Nautipa after its $170m acquisition of Fred Olsen Production at the end of last year.
With the sale of this stake, it now owns and operates two FPSOs, one production jackup (MOPU), and one Aframax tanker.
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