BW Offshore

BW Offshore Limited is a global owner and operator of floating production storage and offloading (FPSO) vessels. The company is listed on Oslo Stock Exchange. The company has its headquarters in Singapore and Oslo, Norway but operates internationally. The largest owner is BW Group Limited with 49,3% of the shares.

BW Offshore Limited
TypePublic
OSE: BWO
IndustryPetroleum
Founded1982
HeadquartersSingapore and Oslo, Norway
Area served
Global
Key people
Marco Beenen (CEO)
ProductsFPSO
Revenue US$982.4 million (2013)
US$181.4 million (2013)
Total assetsUS$3.4 billion (2013)
Number of employees
2,201
Websitewww.bwoffshore.com

The company operates vessels in Brazil, Mexico, United States, United Kingdom, Russia, Mauritania, Ivory Coast, Nigeria, Gabon, New Zealand, and Indonesia with a total of 14 FPSOs and 1 FSO.

History

BW Offshore originates from the shipping company Bergesen d.y. ASA[1] who delivered its first FSO Berge Sisar in 1982 which it installed and operated at the Block O field offshore Angola. In 2003 Bergesen was acquired by World-Wide Shipping and was 2005 renamed Bergesen Worldwide. In the same year the floating production part of the company was established as a separate company, Bergesen Worldwide Offshore. In 2006 the company was rebranded BW Offshore and listed on the Oslo Stock Exchange.

In 2007, BW Offshore acquired the ownership of Advanced Production and Loading (APL), making the company its technology division.[2] APL which is based in Arendal, Norway and is a specialist in the engineering and supply of offloading and transfer systems for ships and terminals. It has delivered loading equipment for production vessels, storage vessels and shuttle tankers in the North Sea, Africa, Asia, Oceania, Russia, Latin-America, and the USA. In 2006, APL ventured into FPSO contracting by establishing Nexus Floating Production that consequently also became controlled by BW Offshore. In 2010, BW Offshore sold APL to National Oilwell Varco.[3]

In 2010, BW Offshore Limited completed the acquisition of remaining 76.12% stake [4] in Prosafe Production Public Ltd. Prior to the transaction, BW Offshore Limited owned 23.88% and hence, completed the 100% acquisition of Prosafe Production.

Presence and Units

As of December 31, 2013, BW Offshore owned a fleet of 14 FPSOs, 1 FSO and 1 FPSO conversion candidate (Blue Opal). It also operates 2 FPSOs owned by oil companies.

In May 2014, BW Offshore was selected by Premier Oil to execute the engineering, procurement, construction, installation and operation of a new built FPSO for its Catcher field in the UK North Sea.

On 28 Aug 2017, Catcher FPSO sets sail Premier Oil's Catcher FPSO has commenced its maiden journey to the North Sea, it was today confirmed. The FPSO left the Keppel Shipyard in Singapore for the Catcher field in the UK North Sea. The BW Offshore vessel is expected to reach its final destination in the final quarter of this year, where it will begin a seven-year fixed term contract with Premier Oil.

Fleet
FPSO Vessel Name Oilfield Location Operator Contract Duration Water depth (m) Status
BW Adolo (formerly Azurite) Dussafu Gabon BW Energy 2018 - 115
BW Pioneer Cascade & Chinook Gulf of Mexico Petrobras America 2012 - 2017 2600
YÙUM K'AK'NÀAB Ku-Maloob-Zaap Mexico Pemex 2007 - 2022 90
Berge Helene Chinguetti Mauritania Petronas 2006 - 2017 850 Notified contract termination May 2017
Sendje Berge Okwori Nigeria Addax/Sinopec 2005 - 2018 140
Abo Abo Nigeria ENI 2003 - 2016 800
Espor Ivorien Espoir Ivory Coast CNR 2002 - 2017 118 Extended to 2022
Petroleo Nautipa Etame Gabon Vaalco 2002 - 2020 80
BW Cidade de São Vicente Lula South Brazil Petrobras 2009 - 2019 2140
Cidade de São Mateus Camarupim Brazil Petrobras 2009 - 2018 763 Disconnected due to accident
Polvo Polvo Brazil HRT 2007 - 2021 85 Extended to 2021
Peregrino (Operations) Peregrino Brazil Statoil 2013 - 2016 120 Termination operation contract with Statoil, June 2017
P-63 (Operations) Papa Terra Brazil Petrobras 2013 - 2016 1150
Belokamenka Murmansk Russia Rosneft Oil Company 2004 - 2015 30 Disconnected
BW Athena Athena UK Ithaca Energy 2012 - 2020 130 Demobilised Feb 2016
BW Joko Tole Terang Sirasun Batur (TSB) Indonesia Kangean Energy 2012 - 2022 100
Umuroa TUI New Zealand AWE 2007 - 2019 120 Termination operation contract December 2019
Catcher Catcher UK Premier 2017 - 2024 90
Blue Opal Available n/a

References
  1. BW Offshore Annual Report 2013: http://hugin.info/136844/R/1772870/604070.pdf
  2. APL: History website : http://www.apl.no/aplweb/templates/Level2Page.aspx?id=532 Archived 2007-07-07 at the Wayback Machine
  3. "Archived copy". Archived from the original on 2013-10-20. Retrieved 2013-08-26.CS1 maint: archived copy as title (link)
  4. BW Offshore Acquires Remaining 76.12% Stake Of Prosafe Production Archived 2012-04-26 at the Wayback Machine, researchviews.com
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