Norwegian-based BW Offshore has exercised an option to buy a Very Large Crude Carrier (VLCC) from South Korea’s Daewoo Shipbuilding & Marine Engineering (DSEM) for US $83.4 million, as the company targets a number of FPSO (Floating Production, Storage and Offloading) projects.

The company acquired the Blue Opal vessel, which is a DSME-designed and built VLCC (320,000 dwt) from 2012.

BW Offshore said it has performed detailed engineering studies and inspections of the VLCC since the fourth quarter of 2012, and is “currently evaluating several FPSO projects suitable for the vessel”. It is marketing the FPSO for several different field applications.

In its third quarter results last November BW said it was “...evaluating several projects likely to meet the company’s financial targets.” Those projects include contract extensions for existing floating production units, and contracts for new units and operations.

Offshore