Dana Petroleum and NEO Energy have signed a sale and purchase agreement for the Western Isles FPSO. Under the agreement, NEO Energy will acquire Dana’s full equity in the FPSO, which will be redeployed at the Buchan field redevelopment. The transaction is subject to certain conditions, including final investment decision and regulatory approval of the Buchan redevelopment.

This oil & gas news highlights the latest developments in offshore technology. With this acquisition, NEO Energy is expanding its operations in the North Sea and further strengthening its position in the industry. The sale of Dana’s equity in the Western Isles FPSO marks a significant milestone for both companies and their respective shareholders.