BW Offshore on Monday closed the transaction for the sale of the FPSO Espoir Ivoirien to its client, CNR International, for $20 million.
The closing of the deal comes after several short-term charter extensions for the FPSO operating offshore the Ivory Coast.
The latest extension, valid until June 15, was signed on Sunday, June 11, to allow for more time to discussions regarding the potential sale. The deal was announced on Monday, a day later.
Following the transaction, BW Offshore will provide transitional O&M (Operations and Maintenance) services for a period of up to five months.
The FPSO, operating on the Espoir field offshore the Ivory Coast since 2002, has an oil processing capacity of 45,000 bbl/d and a gas handling capacity of 80 mmscfd. It can store 1,100,000 barrels.
According to information on the website of Tullow Oil, which is a partner with a 26% stake in the Espoir field, the field produces around 10,000 bopd gross.
Earlier on Monday, Tullow released a brief statement on the Espoir field.
It said:" Tullow Oil plc's (Tullow) capital allocation strategy is to focus on its highest return producing assets and to maximise cash flow. In line with this strategy, Tullow is considering all options with respect to its interest in the Espoir field in Côte d'Ivoire. No formal commitments have been made. In the event this process develops, Tullow will update the market as appropriate."