Saipem to sell ‘FPSO Cidade de Vitória’

Source: press release, 27 June 2022

‘FPSO Cidade de Vitória’
‘FPSO Cidade de Vitória’ (photo: Saipem)

Saipem and BW Energy have signed a memorandum of agreement (MoA) for the sale of the FPSO Cidade de Vitória, currently owned by Saipem and operated for Petrobras in the Golfinho field offshore Brazil.

The sale of the FPSO is subject to the closing of the acquisition by BW Energy of the 100% operating working interest in the Golfinho field from Petrobras (Golfinho transaction closing) expected to occur in the first quarter 2023.

Under the MoA, BW Energy will pay Saipem USD 73 million of which USD 25 million is due at the Golfinho transaction closing, USD 13 million is due at FPSO takeover and customs clearance, expected in 2023, and USD 35 million will be paid in 18 monthly instalments following the takeover.

Considering the terms of the Golfinho transaction, the current lease and operate contract between Saipem and Petrobras – which would have expired in February 2023 – has been extended until the FPSO takeover, or June 2024, whichever comes first.

This agreement is in line with Saipem’s assumptions for its 2022-25 strategic plan.