The Board of Directors of BW Umuroa Pte. Ltd. (BWU), awholly ownedsubsidiary of BW Offshore, has today resolved to place BWU into voluntary liquidation. BWU is the owner and operator of the FPSO Umuroa which is presently located on the Tui oil field offshore New Zealand. Reference is also made to the announcement made on 10 April 2020.
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 …
Read the full article at: https://www.globenewswire.com/news-release/2020/10/22/2112949/0/en/BW-Offshore-FPSO-Umuroa-update.html
