Lease and Operate
The FPSO Fleet
Leasing the production asset from BW Offshore has allowed clients to focus on their core competencies of reservoir development and management. The lease model also allows for reduced investments and financial exposure for clients related to FPSO projects.
More than 30 years track record
Over the past 35 years, BW Offshore has completed 40 FPSO and FSO conversions and operated most of the units after completion, developing a unique conversion and operating competence and a very robust foundation for future projects. With experience in phases from design engineering through to long-term operations, BW Offshore has a competitive advantage when it comes to providing clients with an efficient total lifecycle cost. Additionally, BW Offshore is gaining valuable insights into developing and managing reservoirs through the E&P segment, making BW Offshore an even stronger partner for current and future clients.
LIFETIME MAINTENANCE AND SUPPORT
BW Offshore takes full responsibility for operating, maintaining, upgrading and/or modifying the production asset as required by the client in a lease arrangement. This ensures that production requirements are met for the total duration of the field life, including necessary funding and the availability of appropriate competencies, as well as know-how regarding the production equipment. Taking care of the existing fleet is a key priority for the Company, and consistent focus on good communication between the offshore personnel and the onshore support functions is central to the continuous fleet modification and maintenance projects.
By harnessing available technology in innovative ways, BW Offshore is tapping into the growing fields of Artificial Intelligence (AI), the Internet of Things (IoT) and Machine Learning. This approach is part of BW Offshore’s Digitalisation Strategy. With the successful go-live in 2019 of Lighthouse, a digital platform that analyses and displays real-time operational data, a major milestone in the strategy has already been met. The Lighthouse pilot is a first step towards a vision of an integrated operations centre, and the Company continues to evolve with several other initiatives already being implemented.
Funding based on contracts with clients
BW Offshore has a strong relationship with a large number of international banks and close contact with the equity market through the Oslo Stock Exchange listing. This enables the structuring of financial packages, enhanced by lease contracts with reputable clients. BW Offshore has also successfully created funding alternatives through the bond market, in addition to interest from equity partners on individual projects.