[Brazil] FPSO Cidade de São Vicente (Scrapped)

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The BW Cidade de São Vicente platform vessel is used to carry out Long Duration Tests (EWTs) and Early Production Systems (SPAs) in the pre-salt area of the Santos Basin.

The TLDs and SPAs are short-term projects (between four and six months) carried out with the objective of testing the production of new wells before the installation of large platforms.

The platform's processing capacity is up to 30,000 barrels of oil per day.

28.04.2020
BW OFFSHORE: EXTENSION AGREEMENT FOR CIDADE DE SÃO VICENTE

BW Offshore has received a notice from Petrobras that they exercise their right to extend the lease and operation agreement of BW Cidade de São Vicente with 48 days. With this the contract will expire on 11 June 2020.

BW Offshore has commenced planning for demobilisation of the unit from the field and is considering temporary lay up in Brazil.

BW Cidade de São Vicente commenced operation for Petrobras in 2009 and has been utilised as a well test facility for the client on multiple locations offshore Brazil.

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06.06.2020
BW OFFSHORE: EXTENSION AGREEMENT FOR CIDADE DE SÃO VICENTE

BW Offshore has received a notice from Petrobras extending the lease and operation agreement of BW Cidade de São Vicente with 120 days. With this the contract will expire on 9 October 2020.

BW Offshore has commenced planning for demobilisation of the unit from the field and is considering temporary lay up in Brazil.

BW Cidade de São Vicente commenced operation for Petrobras in 2009 and has been utilised as a well test facility for the client on multiple locations offshore Brazil.

[escveritas]

06.06.2020
BW OFFSHORE: EXTENSION AGREEMENT FOR CIDADE DE SÃO VICENTE

BW Offshore has received a notice from Petrobras extending the lease and operation agreement of BW Cidade de São Vicente with 120 days. With this the contract will expire on 9 October 2020.

BW Offshore has commenced planning for demobilisation of the unit from the field and is considering temporary lay up in Brazil.

BW Cidade de São Vicente commenced operation for Petrobras in 2009 and has been utilised as a well test facility for the client on multiple locations offshore Brazil.

[escveritas]

Recycling the FPSO BW Cidade de São Vicente in compliance with Hong Kong Convention
09.02.2022

BW Offshore has signed an agreement to recycle the FPSO BW Cidade de São Vicente in compliance with the Hong Kong International Convention at Priya Blue Industries Pvt Ltd (‘the Yard’) in India.

The vessel was sold for a cash consideration of USD 12.8 million.

The Yard is certified to ISO standards and has been issued with a Statement of Compliance by Class NK in accordance with the IMO Resolution MEPC.210(63) and the Hong Kong International Convention for the safe and environmentally sound recycling of ships.

BW Offshore has nominated a third party to be on site at the recycling yard to ensure Health, Safety and Environmental regulations are followed. A Ship Recycling Plan has been prepared and provided by the Yard in cooperation with the Gujarat Maritime Board in compliance with the above regulations. To further incentivise safe operations, the Company will pay a “safe recycling” bonus upon completion.

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Impairment
10 February 2021

BW Offshore has decided to record an impairment to the book value of the FPSOs Berge Helene, BW Cidade de São Vicente and Espoir Ivoirien amounting to USD 59.6 million in the fourth quarter of 2020. The impairments reflect continued uncertainty around redeployment and extension for certain older units in the fleet. The uncertainty is tied to the current market volatility and future development of oil prices, and also considering increased focus on energy transition.

The impairments will be included in the fourth quarter earnings and annual 2020 accounts which will published on 19 February 2021.