Further Contract extension for FPSO Petróleo Nautipa

abarrelfullabarrelfull wrote on 07 Jan 2013 20:08

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02. Jul 2012

BW Offshore and Fred Olsen Production have signed a contract with Vaalco Energy for a five year extension for the lease and operation of the FPSO Petróleo Nautipa.

The FPSO is owned 50% by BW Offshore and 50% by Fred Olsen Production.
The firm period has been extended to Q3 2020 (from Q3 2015), with options for additional two years.

The contract has a total revenue value of USD 300 million including options, up from USD 100 million under the previous contract. The FPSO will undergo a life-extension upgrade with an estimated capex of USD 30 million. The figures for revenue and capex are listed on a 100% basis.

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