BP has informed Oceaneering that it has terminated its contract with the Bourbon Oceanteam 101 vessel, effective May 2016. The vessel had been hired by the supermajor to work offshore Angola.
Prior to the early termination notification, work was scheduled to extend through the end of January 2017.
Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and demobilization of the vessel are expected to be reimbursed by BP. Following the release of the vessel, Oceaneering intends to redeliver it to the vessel owner.
Project management, engineering, and vessel services work associated with the provision for a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through January 2017.