The recent sale of two floating production, storage and offloading units netted BW Offshore $130m.

The Oslo-listed, Andreas Sohmen-Pao-backed FPSO owner said on Wednesday that deals to sell the 28,000-bpd BW Athena (built 1994) and the 35,000-bpd BW Opportunity (built 1989) freed up $130m in liquidity, or the equivalent of NOK 7.8 ($0.71) per share.

Further, the company is in talks with the BW Opportunity’s buyer on redeployment-related work, chief executive Marco Beenen said in the company’s first-quarter earnings release.

“This reflects a strong FPSO market with oil and gas companies seeking efficient solutions for safe, secure and reliable production,” he said, noting the sales helped the company generate value from its assets.

The company said contracting work with the BW Opportunity’s buyer could run over a five-year transitional period.

Financial details were not disclosed when the BW Athena was sold, but the company said on Wednesday the price was $5m. The BW Opportunity had a $125m price tag.

The BW Athena sale is expected to have a minor impact on operating expenses, while the BW Opportunity sale is expected to bring that figure down by roughly $4m per year.

A buyer was not named in either transaction.

Including the BW Athena and BW Opportunity sales, BW Offshore hopes to dispose of a total of seven vessels.

It said negotiations to move the 44,000-bpd Abo FPSO (built 1976), the 50,000-bpd Sendje Berge (built 1974) and the 45,000-bpd Espoir Ivoirien (built 1975) are ongoing, while the 20,000-bpd Petroleo Nautipa (built 1975) is set for recycling later this year.

The company has deferred payment for the sale of the 90,000-bpd FPSO Polvo (built 1981) to sister outfit BW Energy, with the final payment due in the second quarter of 2024 plus interest.

The moves would leave BW Offshore with four FPSOs, including the under-construction Barossa.

The company said that ship is 67% complete and on track to produce first gas in 2025 in Australia on a 15-year charter with energy major Santos.

For the first quarter, the company reported a $17.8m profit, down from $46.3m.

The drop came as revenue fell from $194m to $166m.

BW Offshore’s average fleet uptime came in at 98.6% for the quarter, which it said was impacted by a shutdown on the Sendje Berge.

The company said it had inked short-term extensions for two of its ships: Two for the Espoir Ivoirien and three for the Abo FPSO.

All five extensions were made in March and April.

The Espoir Ivoirien is now set to come off charter on 1 June, while the Abo FPSO will come off charter on 31 May.