BW Offshore
An international owner and operator of floating production, storage and offloading vessels for offshore oil and gas projects.
Last updated August 31, 2026
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Overview
BW Offshore is an international offshore energy company focused on the ownership, conversion, operation and chartering of floating production, storage and offloading vessels, commonly known as FPSOs. These vessels receive crude oil and associated fluids from subsea or platform wells, process the production offshore, store stabilized crude in their hulls and transfer it to shuttle tankers or other export infrastructure. The model enables oil and gas development in fields where permanent fixed production facilities are technically difficult, uneconomic or slower to deploy. The company traces its origins to the shipping business Bergesen d.y. ASA and to the delivery of the FSO Berge Sisar in 1982. That vessel was installed and operated at Angola's Block O field, establishing an early link between the group's marine heritage and offshore production services. After Bergesen was acquired by World-Wide Shipping in 2003, the business was renamed Bergesen Worldwide in 2005. The floating-production activities were separated in the same year as Bergesen Worldwide Offshore, and the business adopted the BW Offshore name in 2006 when it was listed on the Oslo Stock Exchange. BW Offshore expanded both organically and through acquisitions. In 2007 it acquired Advanced Production and Loading, an Arendal-based engineering company specializing in offloading and transfer systems for production vessels, storage vessels and shuttle tankers. APL became a technology-oriented part of the wider business and had project experience across the North Sea, Africa, Asia, Oceania, Russia, Latin America and the United States. BW Offshore sold APL to National Oilwell Varco in 2010. The company also increased its production-vessel portfolio through the acquisition of the remaining shares in Prosafe Production Public Limited in 2010, taking its ownership from 23.88% to full ownership. Its business has included FPSO ownership, long-term chartering, field operation, marine logistics, engineering, procurement, construction and installation support, vessel conversion and production-system integration. BW Offshore's customers are generally oil and gas companies and field license groups that contract a vessel and associated operating services for a defined development period. Contracts can combine a fixed charter term with options, and may require the operator to manage the vessel throughout engineering, construction, commissioning and production. The company operates internationally, with vessel and project activity reported in offshore regions including West Africa, the North Sea, the Americas, Southeast Asia, Oceania and Russia. The reference fleet description records 14 owned FPSOs and one FSO, while also noting operation of two FPSOs owned by oil companies and the availability of an FPSO conversion candidate in the historical 2013 fleet. Fleet composition and contract status can change as vessels are redeployed, sold, converted, or placed into new projects. BW Offshore's Catcher project for Premier Oil illustrates its role as an integrated FPSO contractor. In 2014 it was selected to execute engineering, procurement, construction, installation and operation of a new-build FPSO for the Catcher field in the United Kingdom sector of the North Sea. The vessel departed Keppel Shipyard in Singapore in August 2017 and was expected to reach the field later that year under a seven-year fixed-term contract. The company's ownership structure has included BW Group as its largest shareholder, with the referenced Wikipedia material identifying a stake of approximately 49.8%.
History
BW Offshore developed from the offshore and marine activities of Bergesen d.y. ASA, a Norwegian shipping company. Its historical starting point is generally associated with the delivery of the FSO Berge Sisar in 1982. The vessel was installed and operated at Block O offshore Angola, giving the group experience in floating storage and offshore production support. A major corporate transition occurred in 2003, when Bergesen was acquired by World-Wide Shipping. The combined company was renamed Bergesen Worldwide in 2005. During that year, its floating-production activities were established as a separate business under the name Bergesen Worldwide Offshore. The business adopted the BW Offshore name in 2006 and became a company listed on the Oslo Stock Exchange. The company broadened its technical capabilities in 2007 through the acquisition of Advanced Production and Loading, usually known as APL. Based in Arendal, Norway, APL specialized in engineering and supplying offloading and transfer systems for production vessels, storage vessels and shuttle tankers. Its projects covered offshore markets in the North Sea, Africa, Asia, Oceania, Russia, Latin America and the United States. APL also entered FPSO contracting through Nexus Floating Production, which subsequently came under BW Offshore's control. BW Offshore sold APL to National Oilwell Varco in 2010. Another important expansion took place in 2010, when BW Offshore acquired the remaining 76.12% of Prosafe Production Public Limited. BW Offshore had previously held 23.88%, so the transaction resulted in full ownership. The acquisition strengthened the company's position in the floating production sector and contributed to the growth of its vessel portfolio. By the end of 2013, the company was described as owning 14 FPSOs, one FSO and one FPSO conversion candidate, Blue Opal. It also operated two FPSOs owned by oil companies. This structure reflects BW Offshore's business model, which combines ownership of floating production assets with operations performed for third-party field owners. FPSO projects typically involve conversion or construction, topsides integration, commissioning, marine operations, hydrocarbon processing, storage and transfer to export tankers. In May 2014, BW Offshore was selected by Premier Oil for the Catcher development in the United Kingdom sector of the North Sea. The contract covered the engineering, procurement, construction, installation and operation of a new-build FPSO. The vessel left Keppel Shipyard in Singapore on 28 August 2017 and was expected to arrive at the field during the fourth quarter of that year. The project was planned around a seven-year fixed-term contract. The company has maintained an international operating profile, with projects and vessels associated with offshore regions in Africa, Europe, the Americas, Russia, Southeast Asia and Oceania. Its headquarters are identified in Singapore and Oslo, while its corporate identity and stock-market presence remain closely connected with Norway. BW Group Limited has been identified as the largest shareholder, holding approximately 49.8% of the shares in the cited reference material. Because vessels and contracts are periodically added, sold, redeployed or retired, historical fleet counts should not be treated as a current fleet statement without an updated company disclosure.
- 2017
Catcher FPSO sailed from Singapore
[1]The Catcher FPSO departed Keppel Shipyard on 28 August for deployment to the Catcher field.
- 2014
Catcher FPSO contract awarded
[1]Premier Oil selected BW Offshore to execute the development and operation of an FPSO for the Catcher field in the UK North Sea.
- 2010
Full acquisition of Prosafe Production
[1]BW Offshore acquired the remaining 76.12% of Prosafe Production after previously holding 23.88%, taking ownership to 100%.
- 2007
Acquisition of Advanced Production and Loading
[1]BW Offshore acquired APL, adding specialized engineering and offloading-system capabilities.
- 2006
BW Offshore name adopted and company listed
[1]The business was rebranded BW Offshore and listed on the Oslo Stock Exchange.
- 2005
Floating-production business separated
[1]After the group became Bergesen Worldwide, its floating-production activities were established as Bergesen Worldwide Offshore.
- 2003
Bergesen acquired by World-Wide Shipping
[1]The acquisition began the corporate sequence that led to the formation and rebranding of the BW Offshore business.
- 1982
First floating storage vessel associated with the business
[1]Bergesen d.y. ASA delivered the FSO Berge Sisar, which was installed and operated at Block O offshore Angola.
Products and positioning
An international, marine-oriented offshore production contractor and FPSO owner-operator serving oil and gas field developments.
Offshore production vessel services · 1982
FPSO ownership and operation
BW Offshore's principal offering is the provision of floating production, storage and offloading vessels for offshore oil and gas fields. The company can own, operate and maintain the vessel while providing offshore processing, crude storage and transfer services over the life of a field contract.
Floating storage and offloading · 1982
FSO services
FSO vessels provide offshore storage and offloading without the full hydrocarbon-processing role of an FPSO. BW Offshore's origins include operation of the FSO Berge Sisar at an Angolan field, and FSOs have formed part of its broader floating-production portfolio.
Engineering and project development
FPSO conversion and project delivery
The company has participated in the conversion or development of floating production assets, integrating vessel hulls, topsides, processing equipment, mooring systems and offloading arrangements. Such projects may include engineering, procurement, construction, installation, commissioning and subsequent field operation.
Field-specific FPSO · 2014
Catcher FPSO
The Catcher FPSO was developed for Premier Oil's Catcher field in the UK North Sea. BW Offshore's scope included engineering, procurement, construction, installation and operation, with the vessel leaving Keppel Shipyard in Singapore in August 2017 for field deployment.
Brand decisions
2014
Take on Catcher FPSO development and operationProduct launchBackground
Premier Oil required an FPSO solution for the Catcher development in the UK North Sea.
Action taken
BW Offshore accepted responsibility for engineering, procurement, construction, installation and operation of a new-build FPSO.
Aftermath
The vessel departed Keppel Shipyard in August 2017 for field deployment under a planned seven-year fixed-term contract.
2010
Complete acquisition of Prosafe ProductionM&ABackground
BW Offshore already owned 23.88% of Prosafe Production and pursued full ownership of the floating-production company.
Action taken
BW Offshore acquired the remaining 76.12% stake, bringing its ownership to 100%.
Aftermath
The transaction expanded BW Offshore's control of floating production assets and operations.
2010
Sell Advanced Production and Loading to National Oilwell VarcoM&ABackground
Following the acquisition of APL, BW Offshore later chose to divest the specialist engineering business.
Action taken
BW Offshore sold APL to National Oilwell Varco.
Aftermath
The divestment separated APL's technology activities from BW Offshore's core floating-production ownership and operations business.
2007
Acquire Advanced Production and LoadingM&ABackground
BW Offshore sought to broaden its FPSO and offshore-service capabilities with specialized offloading and transfer-system engineering.
Action taken
The company acquired APL and incorporated its engineering and technology capabilities into the wider business.
Aftermath
APL continued to support projects across several offshore regions before being sold to National Oilwell Varco in 2010.
Recent events
BW Offshore completes Barossa FPSO debt financing[3]
BW Offshore announced completion of $1.15 billion in project debt financing for construction and operation of the FPSO vessel for the Barossa gas field in Australia.
Sources3 sources
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