[Mauritania] FPSO Berge Helene (Scrapped)

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escveritas
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[Mauritania] FPSO Berge Helene (Scrapped)

Unread post by escveritas »

Recycling the FPSO Berge Helene in compliance with Hong Kong Convention
23.04.2021

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BW Offshore has signed an agreement to dispose of the FPSO Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India.

The FPSO Berge Helene (IMO 7360083) is a floating storage/production unit of 274,333 deadweight-ton capacity built in France in 1976 and converted to an FPSO in Singapore in 2005. The vessel is 372 meters long, 52 meters wide and has a depth of 27.4 meters. It is flagged and registered in Singapore, classed by DNV GL and has been in lay-up in Singapore since August 2018.

The vessel is sold for a cash consideration of approximately USD 16 million.

The recycling 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. The recycling yard will provide a Statement of Completion of the recycling in accordance with the Hong Kong Convention.

The company has nominated Grieg Green as representatives to be on site at the recycling yard to monitor progress, compliance with environmental and safety regulations and that the ship recycling plan is being applied. A recycling plan has been prepared and provided by the yard in corporation with Grieg Green to ensure strict compliance with the above regulations. To ensure and incentivise safe recycling in this respect, the company will pay a safe recycling bonus upon completion.
escveritas
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Re: FPSO Berge Helene

Unread post by escveritas »

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.
escveritas
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Re: FPSO Berge Helene

Unread post by 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.
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