Saipem to Sale FPSO Cidade de Vitória for $73mn to BW Energy

(Saipem, 27.Jun.2022) — Saipem and BW Energy signed a Memorandum of Agreement (MoA) for the sale of the FPSO Cidade de Vitoria, currently owned by Saipem and operated for Petrobras in the Golfinho field offshore Brazil.

The sale of the FPSO is subject to the closing of the acquisition by BW Energy of the 100% operating working interest in the Golfinho field from Petrobras (“Golfinho transaction closing”) expected to occur in the first quarter 2023.

Under the MoA, BW Energy will pay Saipem $73mn of which $25mn is due at the Golfinho transaction closing, $13mn is due at FPSO takeover and customs clearance, expected in 2023, and $35mn will be paid in 18 monthly installments following the takeover. 

Considering the terms of the Golfinho transaction, the current lease and operate contract between Saipem and Petrobras – which would have expired in February 2023 – has been extended until the FPSO takeover, or June 2024, whichever comes first.

This agreement is in line with the assumptions of the 2022-25 strategic plan.

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