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Berge Hugin to be sold

July 13, 2001, 11:00 CEST

The shipping company Navion, in which Statoil has an 80 per cent interest, has agreed to sell its interest in the production ship Berge Hugin to Bluewater.

Bluewater own and operate FPSO (Floating, production, storage and offloading) units, and will take over the Berge Hugin on 1 October 2001.

Navion and Bergesen each own 50 per cent of the Berge Hugin. The processing facilities on the ship are owned by Advanced Production Systems (APS), of which Statoil and Aker Maritime each own 50 per cent. Both the ship and the processing facilities are included in the sale, as are the shares in the jointly-owned Pierce Production Company.

Berge Hugin has been producing oil from the Enterprise-operated Pierce field in the British sector of the North Sea since February 1999.

The sale of the production ship is part of the restructuring process of Navion's floating production business area.

Altogether Statoil will earn about 100 million kroner from the sale.