Sale of Abo FPSO for USD 20 million

Monday, September 18 2023

Fossil Energy – FPSO Nigeria

BW Offshore has today closed the transaction for the sale of Abo FPSO to STAC Marine Offshore, a member of the Nigerian Transport Group (STAC) for USD 20 million.

As part of the transaction, BW Offshore has entered into a bareboat charter with STAC to allow for uninterrupted operations for the client during a transition period of maximum two months.

Upon expiry of the bareboat charter, STAC will assume responsibility for operations of the unit.

Originally recognised as the Gray Warrior, a Suezmax tanker constructed in 1976, the vessel underwent conversion at Keppel Shipyard before beginning its operations in April 2003.

Abo FPSO has now reached a commendable milestone, having completed two decades of service on the Abo field. This achievement underscores its enduring contribution to the oil and gas industry in Nigeria.