BW Offshore teams up with Chinese entity

BEIJING, April 7, 2017 – Floating production services provider BW Offshore on Friday secured a co-operation agreement with an Industrial and Commercial Bank of China (ICBC) unit for the execution of FPSO-centred international infrastructure projects.

The deal with ICBC Financial Leasing (ICBCL), which will see the two parties work towards establishing a long-term partnership, combines BW Offshore’s experience in design and operatorship with ICBCL’s access to finance.

Andreas Sohmen-Pao, chairman of the board of BW Offshore, said the agreement signed in Beijing opens up “new growth opportunities.

Pending approval, the companies’ first combined effort will surround the Catcher FPSO in UK waters, which represents a USD 1.2-billion investment. First oil from the like-named field is scheduled for the end of this year.

BW Offshore and ICBCL aim to turn their attention to the Kuda-gas-to-power project off Namibia next.

“This partnership opens up for new models for developing FPSOs and FPSO related projects. The first cooperation project has already been identified and is announced today. We see attractive market opportunities where we, in partnership with ICBCL, can deliver cost effective solutions to our clients in the oil and gas sector,” CEO Carl K. Arnet said in a press release.

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