Floating production vessel operator BW Offshore and UK-based independent producer Ithaca Energy have agreed new terms for use of the BW Athena in the North Sea.
BW Offshore and Ithaca Energy (on behalf of the Athena field co-venturers) agreed a revised contract structure to continue production on the Athena field beyond expiry of the firm period on a revised compensation scheme, involving advanced payment of an FPSO demobilization fee and sharing of positive cashflow from the field.
Both parties have the right to terminate on a 60-day notice period.