African focussed exploration and production firm Addax Petroleum has extended its contract with Malaysia's Yinson Holdings for use of a floating production, storage and offloading (FPSO) vessel.
The Knock Adoon FPSO has been working on the Antan field offshore Nigeria. The contract exention, the second on the vessel, is for three years from 17 October 2015 at a value of US$129 million.
AmeSecurities Research says the renewal is not a surprise as the Antan field is operating well within expectations, producing close to the vessel’s capacity of 60,000 b/d and with an uptime of ~100%. AneSeucurities suggests Addax will fully exercise the FPSO’s the remaining seven-year options.
Yinson is looking forward to launching the OCTP FPSO in September 2017. It will work for ENI on the Offshore Cape Three Points (OCTP) block offshore Ghana.