Lagos — BW Offshore has closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC) for $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 a maximum of two months. Upon expiry of the bareboat charter, STAC will assume responsibility for operations of the unit.
Originally recognized 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 in the Abo field. This achievement underscores its enduring contribution to the oil and gas industry in Nigeria.
This article was originally posted at sweetcrudereports.com