BW Offshore: Termination of the LOI for acquiring stake in Polvo oil field
OSLO, Norway -- On December 13, 2013, BW Offshore stated that the Letter of Intent (LOI) to acquire 30% of the participating interests in the Polvo oil field in Brazil from HRT O&G Exploracao e Producao de Petroleo. (HRT). Such transaction was subject to due diligence, and regulatory, governmental and board approvals. Upon the expiry of the backstop date under the LOI on 8 April 2014, BW Offshore elected to terminate the aforesaid LOI pursuant to its terms.
BW Offshore is operating the FPSO Polvo on the Polvo field under a fixed contract until Q3 2015, with options until Q3 2022. BW Offshore and HRT will continue their positive working relationship in operating the field.