BW Offshore has entered into an agreement to acquire the remaining 30% of the Maromba field offshore Brazil for a total acquisition cost of USD 25 million from Chevron. Closing of the acquisition is subject to fulfilment or waiver of conditions precedents, including approval by The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) to close the transaction and deem BW Offshore an approved operator in Brazil.

The acquisition price will be paid over three milestones. The first milestone of USD 10 million is due on receipt of ANP approval as operator and formal sanction of the transaction, expected in the second half of 2019. The second milestone of USD 5 million is due at start of drilling activities and the third part-payment, representing the remaining USD 10 million, after achieving cumulative production of 250,000 barrels of oil from the area.

The Company will proceed to finalise the Plan of Development (PoD) for approval by The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

About Chevron

Chevron Corporation (NYSE:CVX) is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif.