BW Offshore liquidates subsidiary and expects new large impairment

Offshore ship operator BW Offshore has decided to liquidate a subsidiary with a floating production facility that has been without work for a long period of time. The ship's value is expected to be impaired to zero.

BW Offshore liquidates a subsidiary that covers FPSO BW Umuroa. | Photo: PR / BW Offshore

BW Group's offshore ship operator BW Offshore has decided to wind down a subsidiary that covers a floating production storage and offloading facility, FPSO.

The liquidation of the subsidiary, named BW Umuroa, means that BW Offshore expects to impair the remaining value of the ship from USD 21 million to zero, according to a stock exchange notice.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs