BW Offshore scratches Nexus private placement plan

BERMUDA: BW Offshore will forgo plans to underwrite a private placement in Nexus Floating Production of US$104 million as part of the restructuring of Nexus Floating Production.

Late last month, Nexus Floating Production reported that its board of directors was working on a restructuring plan. The plan was subject to approval by the various stakeholders. BW Offshore’s plan to underwrite the potential private placement (via private placement memorandum) was subject to approval by the various stakeholders.

In a separate notice today, Nexus Floating Production reported that no solution has been found in the restructuring of the debt of the company. In a statement, BW Offshore said, “Currently, no solution has been found in the restructuring of the Nexus Floating Production debt through the discussions with the bank and bondholders. BW Offshore will as such not take part in the restructuring with new equity or any other commitments.”

On April 7 of this year, Premier Oil and its partners and BW Offshore signed a Letter of Understanding (LoU) for the charter of floating production, storage and offloading vessel (FPSO) Nexus 1 offshore Vietnam. The LoU is conditional upon a substantial financial restructuring of Nexus Floating Production.

BW Offshore intended to enter into an agreement with Nexus Floating Production related to the field specific upgrade and operation of Nexus 1. The agreement had a potential contract value of US$160 million to cover field specific investments. BW Offshore also said it would be compensated for the operation of the FPSO.

http://www.energycurrent.com/index.php?id=2&storyid=17815

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