[UK] FPSO BW Athena - Lay Up (Divested)

[escveritas]

Conversion Year 2012
Oil Processing Capacity 30,000 bbl/d
Gas Handling Capacity 3.7 mmscfd
Water Injection Capacity 30,000 bbl/d
Storage Capacity 50,000 bbl
Mooring Turret

BW Athena to demobilise in February
22 January 2016

BW Offshore and Ithaca Energy have agreed on a termination of the FPSO BW Athena, and the unit will be demobilised in February 2016.

The Athena field is located in the Moray Firth area of the UK Continental Shelf. BW Athena has had an uptime of 98% since first oil in May 2012, and BW Offshore stood as duty holder for the unit.

BW Athena first operated under a three year contract, and the operation was extended with a contract with mutual termination right.

The BW Athena is a versatile and cost efficient floating production unit with an oil processing capacity of 28,000 barrels per day. The FPSO is now marketed for new opportunities.

[escveritas]

Impairment and gain on sale of shares
14 February 2022

BW Offshore has decided to record an impairment to the book value of the FPSOs BW Athena, Espoir Ivoirien, Sendje Berge, Petróleo Nautipa and Umuroa amounting to USD 66.6 million in the fourth quarter of 2021. The impairment reflects reduced expectation of longer term extensions to current contracts for the listed vessels that are still in operation, as well as limited potential for future redeployment for the same units and for the abovementioned FPSOs that are in lay-up.

In addition, the company will record an impairment of USD 23.8 million related to the previously announced sale of Joko Tole and associated loss from the transaction. The company will further reverse a previous impairment of USD 4.2 million related to the sale of Cidade de São Vicente.

BW Offshore will also record a gain of USD 14.9 million from the sale of shares in BW Energy in October 2021.

The impairments and gain will be included in the fourth quarter earnings and annual 2021 accounts which will be published on 28 February 2022.

[escveritas]

Sale of the FPSO BW Athena
19 April 2023

Sale of the FPSO BW Athena

BW Offshore has today closed the sale of the FPSO BW Athena to an undisclosed third party. The transaction is part of BW Offshore’s strategy to transition to floating energy infrastructure investments.

The sale of the FPSO will have a limited positive effect on results to be presented for Q2 2023. At the time of closing, the unit was unencumbered and debt free.

Update 15 August 2023

BW Athena was sold for USD 5 Million as per BW Offshore announcement