January 4, 2017 / 6:46 AM / 2 years ago

BRIEF-BW Offshore in $250 mln settlement for FPSO Cidade de São Mateus

Jan 4 (Reuters) - FPSO firm BW Offshore Ltd :

* Bw Offshore: agreement for insurance settlement for the fpso cidade de são mateus

* Bw Offshore has signed an agreement with its insurers for an early repair cost settlement for fpso cidade de são mateus

* Bw Offshore ltd says agreed settlement amount is approximately usd 250 million

* Bw Offshore ltd says proceeds from settlement is expected to be received during q1 2017

* Bw Offshore ltd says insurance settlement will be recorded in q4 2016 financial statements

* Bw Offshore ltd says as a consequence of concluding repair-evaluation and signing agreement with insurers, company has deemed it necessary to record a further impairment to net book value of fpso

* Bw Offshore ltd says it is estimated that this impairment will be approximately usd 140 million, subject to a final evaluation before the Q4 2016 report is approved

* The FPSO Cidade de São Mateus is currently in lay-up

* Before final discussions are concluded and agreed with the client, it is not possible to establish a firm plan for when the unit will return to the field Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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