Norway’s BW Offshore moves to liquidate owner of New Zealand FPSO - Panorama Insurance Brokers

Norway’s BW Offshore moves to liquidate owner of New Zealand FPSO

Norway-based BW Offshore said Thursday the Board of Directors of its subsidiary BW Umuroa Pte. Ltd. has taken a decision to place BWU, the owner and operator of the FPSO Umuroa, into voluntary liquidation. The FPSO Umuroa is presently located on the Tui oil field offshore New Zealand. Reference is also made to the announcement made on 10 April 2020.

BW Offshore said the owners of the Tui field Permit, Tamarind Taranaki Ltd. (Tamarind), went into insolvency in December 2019, without any funding secured for decommissioning and abandonment liabilities. In March 2020 the New Zealand Government, through the Ministry of Business, Innovation and Employment (MBIE), assumed full responsibility for the decommissioning of the field and for disconnection of the FPSO.

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