Nigerian Man Pays $20 Million to Acquire Abo FPSO from BW Offshore

BW Offshore, a Norwegian owner and operator of floating production storage and offloading (FPSO) vessels around the world, has sold its Abo FPSO vessel for $20 million to STAC Marine Offshore, a subsidiary of STAC Group, purportedly a Nigerian Transport Group.

There is no information known concerning STAC’s ownership or existence previous to the contract with BW Offshore.

The FPSO, which began as a Suezmax tanker, has been supplying Eni’s Nigerian affiliate at the Abo field for over two decades.

BW Offshore will retain a bareboat charter with STAC for up to two months under the terms of the agreement. Following this period, STAC assumes complete control of the FPSO.

BW Offshore has had several short-term extensions with Nigerian Agip Exploration for the FPSO over the years. While finalizing the transaction, the firm reported extensions in 2021 and 2022.

BW Offshore, which recently sold the Sendje Berge FPSO to Lagos-based Century Group, which is headed by Nigerian businessman Ken Etete, currently runs three FPSOs: the BW Adolo, the BW Catcher, and the BW Pioneer. The Barossa FPSO is a new vessel being built for deployment with Santos in Australia.

The Abo field, located in OML 125 and OML 134, was Nigeria’s first deepwater production asset, with a peak production capacity of 37,300 barrels per day in 2020.

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