[Brazil] FPSO Gato do Mato (on Hold)

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escveritas
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[Brazil] FPSO Gato do Mato (on Hold)

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Awarded limited notice to proceed for Shell’s Gato do Mato development in Brazil
26 May 2022

BW Offshore is pleased to announce the award of a limited notice to proceed (LNTP) by Shell Brasil Petróleo Ltda (Shell) and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil.

The LNTP is valued up to USD 50 million. Upon completion of the LNTP, Shell and its partners target to award a lease and operate contract to a consortium comprising BW Offshore and Saipem S.p.A., which will be jointly responsible for the engineering, procurement, construction, and installation (EPCI) of the FPSO with expected delivery in 2026. The award is subject to the parties finalising the commercial and pricing terms of the contract in view of the current inflationary supply chain market and a final investment decision to proceed by Shell and its partners.

The FPSO lease and operate contract will have a firm period of 18 years with seven years of options.

“We have a clear strategy of developing and operating infrastructure type floating production solutions with long-term contracts and investment grade counterparties. Gato do Mato is a robust project meeting all our requirements,” said Marco Beenen, the CEO of BW Offshore. “We will replicate the Barossa project model, bringing in equity partners, and take it one step further by partnering with Saipem for the EPCI phase to add execution capacity and capabilities. We are very pleased to team up with Saipem and look forward to building a long-term relationship with Shell and its partners in Brazil.”
escveritas
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Re: [Brazil] FPSO Gato do Mato

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Extension of limited notice to proceed for the Gato do Mato development in Brazil
10 November 2022

BW Offshore is pleased to announce that Shell Brasil Petróleo Ltda (Shell) and its partners have extended the limited notice to proceed (LNTP) period with BW Offshore and Saipem S.p.A. This extension is valid until 15 February 2023 and is related to the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil.

Terms of the contract are in agreed form. Upon completion of the extension period, BW Offshore and Saipem have the option to be awarded the lease and operate contract, contingent on financing and the project reaching final investment decision (FID).

If the project reaches FID and moves forward, the FPSO lease and operate contract will have a firm period of 18 years with seven years of options.
escveritas
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Re: [Brazil] FPSO Gato do Mato

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Update on the Gato do Mato project
21 November 2022

BW Offshore has been advised by Shell Brasil Petróleo Ltda (Shell) that final investment decision (FID) on the Gato do Mato oil and gas field development offshore Brazil will not be made within the next 12 to 24 months. The Company expects to receive formal notification terminating the limited notice to proceed (LNTP) in due course. BW Offshore will be reimbursed for costs incurred in line with the agreed terms of the LNTP.
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