Significant Contract Amendment signed for Aoka Mizu FPSO

abarrelfullabarrelfull wrote on 16 Mar 2015 10:19
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Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that Atlantic Petroleum North Sea Limited today announces that Nexen Petroleum UK Ltd, a wholly owned subsidiary of CNOOC Limited, on behalf of the Ettrick joint venture has signed a significant amendment agreement with Bluewater Ettrick Production (UK) Ltd, to secure the use of the Aoka Mizu FPSO beyond March 2016. The amendment will mean that the FPSO operating day rate will reduce after March 2016, extending the economic life of the fields and combined with other cost saving initiatives, result in a substantial reduction in the overall operating costs for the Ettrick and Blackbird fields.

Ben Arabo, CEO, commented:

“We are delighted that the Ettrick joint venture has been able to agree this contract amendment with Bluewater for the use of the Aoka Mizu FPSO. The reduction in vessel rates and other cost saving initiatives are very welcome at a time when the profitability of North Sea production is challenged by the low oil price and will extend the field life of both our Ettrick and Blackbird fields”

The Bluewater operated FPSO has, over the last two to three years, been one of the best performing FPSO’s in the North Sea in production efficiency and health, safety and environmental (HSE) metrics.

The Ettrick Field is owned by Nexen Petroleum UK Ltd. (Operator) 79.73%, Dana Petroleum 12% and Atlantic Petroleum North Sea Limited 8.27%.

The Blackbird Field is owned by Nexen Petroleum UK Ltd. (Operator) 90.6% and Atlantic Petroleum North Sea Limited 9.4%.


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