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.
*World Oil
This article was originally posted at sweetcrudereports.com
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