BW Offshore subsidiary Sendje Berge has agreed the terms of a contract extension for the floating production, storage and offloading (FPSO) vessel Sendje Berge with operator Addax Petroleum Exploration (Nigeria) for use on the Okwori field offshore Nigeria.
The contract extension will be for a four-year fixed term with two additional one-year extension options, starting 6 November 2017.
The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price. The termination notice announced on 5 May 2017 has been withdrawn and the arbitration has been settled as part of the agreed terms.
The new terms have been submitted to relevant Nigerian Authorities for their review and approval.