Oslo-listed BW Offshore is scrapping the liquidation of a subsidiary that owns a floating storage, production and offloading vessel as the New Zealand government agreed to end the ship's legal limbo.
The Singapore-based BW Group spin-off said last month it was cutting its losses by winding up BW Umuroa, the company that owns the 118,100-dwt Umuroa (built 1981).
The FPSO remains on the Tui oilfield, west of New Zealand's North Island, following the bankruptcy of its charterer, field operator Tamarind Taranaki, in April.
