OSLO, Norway – BW Offshore has agreed to sell the FPSO BW Joko Tole to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik in consortium with PT Buana Lintas Lautan Tbk.
The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The BW Joko Tole operates at the TSB gas field offshore Indonesia.
The transaction is part of BW Offshore’s strategy to transition to floating energy infrastructure investments.
According to the company, the sale will free up more than $50 million of liquidity, comprising of net sale proceeds of $42.5 million and the release of $9 million of working capital upon closing
The transaction is subject to customary conditions. Closing is expected in late 1Q 2022.
BW Offshore will provide transition services for a period of up to four months after closing.