BW Offshore has signed a short-term extension agreement with a subsidiary of Murphy Oil Corporation, agreeing more time for the completion of sale of the floating production, storage, and offloading (FPSO) BW Pioneer.
BW Offshore has signed a short-term extension agreement, maintaining current terms, for the FPSO BW Pioneer with a subsidiary of Murphy Oil Corporation until March 25, 2025.
The extension facilitates the completion of administrative processes necessary for finalizing the sale.
To remind, BW Offshore and subsidiary of Murphy Oil Corporation, the operator of the Cascade and Chinook field, signed the sale agreement for the FPSO worth $125 million earlier in March.
At the time, the companies said they plan to sign a five-year reimbursable O&M contract under which BW Offshore will continue to provide operations and maintenance services for a period of five years.
BW Pioneer was converted in 2009 at Keppel Shipyard. It has a storage capacity of about 600,000 barrels of oil and a processing capacity of 80,000 barrels per day.