BW Offshore gets $36m in court case settlement

Floater specialist BW Offshore and Prio Comercializadora, previously known as Petro Rio, have settled an arbitration case dating back to 2021.

In September 2021, Prio, then Petro Rio, filed a request for arbitration concerning the charter and services agreement for the FPSO Polvo against BW Offshore.

At the time, the Brazilian firm claimed that it overpaid the hire and requested $31m as compensation, including arbitration costs and fees.

In October 2021, BW Offshore responded by filing counterclaims primarily for unpaid invoices and demobilisation costs for approximately $30m. Back in 2023, the company claimed that it expected a resolution to this case either before the end of 2024 or in early 2025.

In an Oslo Bors filing on Thursday, BW Offshore stated that the arbitration between the two was settled before the issuance of a final award.

The two agreed to settle the case, led before the London International Court of Arbitration, via a confidential settlement agreement. As a result, BW Offshore will be awarded approximately $36m, which includes the costs of the arbitration.