BW Offshore has lost control of a floating storage, production and offloading vessel that has been trapped in a legal row in New Zealand.
The Singapore company is cutting its losses by liquidating BW Umuroa (BWU), the company that owns the 118,100-dwt Umuroa (built 1981).
The FPSO remains on the Tui oilfield, west of North Island, following the bankruptcy of its charterer, field operator Tamarind Taranaki, in April.
