BW Offshore

BW Offshore ASA

File:Bergesen Worldwide Logo.png
Type	Public
Traded as	OSE: BWO
Industry	Petroleum
Founded	1982
Headquarters	Oslo, Norway
Key people	Carl K. Arnet (CEO)
Products	FPSO
Revenue	USD 662.6 million (2007)
Operating income	USD 81.1 million (2007)
Net income	USD 54.6 million (2007)
Employees	1,200
Subsidiaries	Advanced Production and Loading [1]
Website	www.bwoffshore.com

BW Offshore (OSE: BWO), previously known as Bergesen Worldwide Offshore is a Norwegian operator of Floating Production Storage and Offloading (FPSO). It is currently one of the leading Floating Production Storage and Offloading (FPSO) contractors in the world with its fleet of vessels operating across the globe. The company is listed on Oslo Stock Exchange. The company has its headquarters in Oslo, Norway but operates internationally. The largest owner is Bergesen Worldwide Group in Hong Kong with a 2/3 share.

The company has operations in Malaysia, Mauritania, Mexico, Nigeria and Russia with a total of 12 FPSO vessels.

History

Bergesen Worldwide Offshore was originally part of the company Bergesen d.y. ASA who acquired its first FPSO Berge Sisar in 1982 and installed it off Angola. Since then acquired numerous FPSO's until 2001 when it left the North Sea and entered exclusively other areas. In 2003 Bergesen was merged with World-Wide Shipping and became Bergesen Worldwide. The company was listed on Oslo Stock Exchange in 2005. The company has been renamed to BW Offshore operating under its parent company BW Group.

BW Offshore is currently the largest shareholder of Prosafe Production, the spun off FPSO division of Prosafe holding approximately 24 percent shares.

Presence and Units

As of December 31, 2007, BW Offshore owned a fleet of 12 vessels. It has operations primarily in offshore waters in Nigeria, Mauritania, and Russia, as well as in Malaysia and Mexico.

BW Offshore has been selected for the conversion, installation and operation of an FPSO at the Chinook and Cascade fields in the Gulf of Mexico in Walker Ridge Block 469 and Walker Ridge Block 206, respectively. The FPSO will be installed on the field with a water depth of 2,600 meters, probably the deepest water depth on which an FPSO has ever been installed. In June of the same year (2007), they delivered the first FPSO ever in the Gulf of Mexico to the Mexican State owned oil company, Pemex further strengthening its position in the typhoon prone region.

Fleet:

FPSO Vessel Name	Oilfield	Location	Operator	Entered service	Water depth (m)
Berge Helene	Chinguetti	Mauritania	Petronas	2006	850
Sendje Berge	Okwori	Nigeria	Addax Petroleum	2005	140
YÙUM K'AK'NÀAB	Ku-Maloob-Zaap	Mexico	Pemex	2007	90
BW Nisa
BW Peace	TUPI	Brazil	Petrobras	2009 (Under conversion)	2,500 (max)
Berge Okoloba Toru	Bonny River	Nigeria	Global Gas and Refining	2005	20
Belokamenka	Kola Bay	Russia	Rosneft Oil Company	2004
BW Endeavour	Basker-Manta-Gummy	Australia	Anzon Australia	SCRAPPED
BW Carmen		North Sea	StatoilHydro	2008
Tiara
BW Pioneer	Cascade & Chinook	Gulf of Mexico	Petrobras America	2010 (Under conversion)	2,600

Advanced Production and Loading (APL)

In July 2007, BW Offshore acquired the ownership of Advanced Production and Loading (APL), making the company its technology division. APL which is based in Arendal, Norway and is a specialist in the engineering and supply of offloading and transfer systems for ships and terminals. It has delivered loading equipment for production vessels, storage vessels and tankers in a wide range of field developments in the North Sea, Africa, Asia, Oceania, Russia, Latin-America, and the USA.

In year 2006, APL ventured into FPSO contracting by establishing Nexus Floating Production.