Oslo-listed FPSO leasing company BW Offshore has completed the sale of its laid-up FPSO Polvo to BW Energy.

The agreed price was $50 million, for which BW Energy $30 million upon the vessel transfer date, with the remaining $20 million provided as a seller’s credit by BW Offshore.

BW Offshore has received the remaining $20 million plus interest, and the final instalment has concluded the transaction.

The FPSO Polvo, which was originally built for operation in the Polvo Field located off the coast of Brazil, completed 14 years of production before being demobilised in 2021.

After its acquisition by BW Energy, the unit is currently set to undergo refurbishment in China, preparing for its forthcoming redeployment at the Maromba field offshore Brazil.