NEO Energy Finalizes Full Acquisition of Western Isles FPSO

NEO Energy has announced the acquisition of Dana Petroleum’s full equity in the Western Isles FPSO under a sale and purchase agreement. The FPSO will be redeployed at the Buchan field redevelopment, which remains subject to certain conditions such as final investment decision and regulatory approval.

Dana Petroleum and NEO Energy have reached an agreement for the sale of Dana’s full equity in the Western Isles FPSO to NEO Energy. The FPSO will be redeployed at the Buchan field redevelopment, subject to certain conditions including final investment decision and regulatory approval of the redevelopment project.

The sale of Dana Petroleum’s equity in the Western Isles FPSO to NEO Energy has been agreed upon by both companies under a sale and purchase agreement. NEO Energy intends to redeploy the FPSO at the Buchan field redevelopment, but this transaction is subject to several conditions, including final investment decision and regulatory approval of the project.