Arbitration settlement
BW Offshore Limited (“BW Offshore”) is pleased to report that, in respect of arbitration proceedings between, inter alios, Prio Comercializadora Ltda (previously known as Petro Rio O&G Exploração e Produção de Petróleo Ltda.) (as Claimant) and Prosafe Production B.V. and BW Offshore do Brasil Serviços Marítìmos Ltda (as Respondents) conducted in accordance with the Rules of the London International Court of Arbitration, the parties have, prior to the issuance of a final award, agreed to fully and finally settle the arbitration and the costs of the arbitration in accordance with the terms of a confidential settlement agreement.
The financial impact of the settlement agreement, resulting in a payment of approximately USD 36 million to BW Offshore, will be recognised in BW Offshore's accounts.
For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com
About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 2 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo stock exchange.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Eric Stousland, Manager Corporate Finance & Investor Relations, on 3 April 2025 at 08:45 CEST.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act...
Read the full news release here
