Oslo-listed oil and gas firm, BW Energy, announced the successful completion of its acquisition of the FPSO Cidade de Vitoria from Saipem. Currently operational in the Golfinho field offshore Brazil, the FPSO is contributing around 10,000 barrels per day of oil production.

In line with the agreement, BW Energy will make a fixed consideration payment of USD 73 million to Saipem for the FPSO. A sum of USD 38 million was already disbursed in the third quarter of 2023, with the remaining USD 35 million to be paid in 18 monthly installments following the completion of the takeover, the initial installment of which has already been processed.

The FPSO Cidade de Vitoria is a versatile unit boasting 1.6 million barrels of storage capacity. After recent repairs and upgrades, the unit is capable of producing over 100,000 barrels per day of oil, with additional capacity for gas production and compression, as outlined by BW Energy. The acquisition strategically positions BW Energy to efficiently enhance production from the Golfinho cluster, with sufficient oil and gas handling capacity to accommodate future planned developments. The FPSO acquisition is expected to contribute to a reduction in the overall operational expenditure for the entire field.