Brief: BW Offshore Sells FPSO Bw Joko Tole

Bw Offshore

24/01/2022 07:16

Jan 24 (Reuters) - BW Offshore Ltd  BWO.OL :
    * TODAY SIGNED AN AGREEMENT FOR SALE OF FPSO BW JOKO TOLE TO PT BAHARI INTI TANKER AND PT
CAHAYA
HALUAN PASIFIK
    * CONSORTIUM WILL CONTINUE TO OPERATE FPSO UNDER LEASE CONTRACT WITH KANGEAN ENERGY
INDONESIA.
    * COMPANY EXPECTS TO BOOK A LOSS FROM TRANSACTION OF AROUND USD 23 MILLION AND A TAX EXPENSE
OF
APPROXIMATELY USD 12 MILLION FROM WRITE-DOWN OF A RELATED DEFERRED TAX ASSET
    * SALE WILL FREE UP OVER USD 50 MILLION OF LIQUIDITY
    * TRANSACTION IS SUBJECT TO CUSTOMARY CONDITIONS PRECEDENT WITH CLOSING EXPECTED LATE IN Q1
OF
2022.
    * THESE NON-CASH ITEMS WILL BE RECORDED IN ACCOUNTS FOR Q4 OF 2021

Source text for Eikon:  ID:nGNE9MPdNg 
Further company coverage:  BWO.OL 

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