Shuttle tanker operator KNOT has secured a contract extension for its Torill Knutsen tanker with Italy's Eni.
KNOT said Tuesday that Eni had exercised two of its one-year options to extend the time charter of the Torill Knutsen until November 2022.
Data by VesselsValue shows Eni has been using the shuttle tanker to offload crude from the Barents Sea area offshore Norway, where the company operates the Goliat FPSO.
In connection with the early exercise by Eni of its options, KNOT has granted Eni a further option to extend the time charter. This means that Eni now has the option to extend the time charter by two one-year periods until November 2024.
Gary Chapman, KNOT CEO, said: "This early declaration and agreement with Eni further strengthens the partnership’s contracted revenue streams and validates our belief that our vessels remain an essential part of our customers’ supply chains, even in these volatile times."
"While other vessel charters will naturally come up for renewal in the coming years, we believe that our strategy, our industry-leading position and forecast demand and supply for shuttle tankers leave us very well-placed..."