FPSO Umuroa ( - Dec 2019)

escveritas
Site Admin
Site Admin
Posts: 238
Joined: Sun Jan 13, 2019 3:17 pm

FPSO Umuroa ( - Dec 2019)

Unread post by escveritas » Fri Nov 22, 2019 3:50 am

Following the termination of the FPSO contract and recent developments, BW Offshore Limited (BWO) has assessed contractual hire which is due but not paid by the client Tamarind Resources for the FPSO Umuroa. The assessment has identified uncertainties related to payment of outstanding overdue hire and payment of future hire until the termination date 31 December 2019.

The potential total EBITDA exposure for both past and future hire could be up to USD 23 million by end of 2019. BWO will seek to recover all outstanding hire from Tamarind Resources and its parent company under the provisions of the existing contracts.

For the third quarter of 2019, BWO will book a provision related to the overdue charter-hire impacting EBITDA of approximately USD 10 million.

The Umuroa is a versatile turret-moored FPSO, making it an attractive redeployment candidate for field development.

Post Reply