BW Offshore has closed the sale of the floating production, storage, and offloading (FPSO) BW Pioneer to a subsidiary of Murphy Oil Corporation for $125 million.
Following the close of the transaction, BW Offshore has received the initial payment of $100 million.
The remaining balance is expected before end of the second quarter of 2025 when certain contractual obligations are met, the company said.
The two parties have also signed a five-year reimbursable O&M contract, under which BW Offshore will continue to provide operations and maintenance services.
BW Pioneer was converted in 2009 at Keppel Shipyard. It has a storage capacity of about 600,000 barrels of oil and a processing capacity of 80,000 barrels per day.