BW Offshore has agreed with the Catcher field partners to amend the contract for its BW Catcher floating production storage and offloading (FPSO) unit, extending the agreement through December 31, 2030, plus or minus six months.
The revised agreement replaces the previous structure, which included unilateral one-year extension options, with a defined end-of-term framework.
The amendments took effect from February 1, 2026, and are expected to increase BW Offshore’s firm operating cash flow backlog by about $490 million from that date, the company said.
The updated structure also provides BW Offshore with greater clarity over the contract end date, allowing the company to actively market the FPSO for potential redeployment opportunities.
BW Catcher has an oil storage capacity of 650,000 barrels and a processing capacity of 60,000 barrels per day. The FPSO has a design life of 20 years of uninterrupted operations.
“We are strengthening the long-term commercial framework for BW Catcher, adding material cash-flow visibility, while also improving our ability to market the unit for future opportunities.
“The Catcher FPSO is a high-specification, harsh-environment asset, making it a highly valuable redeployment unit. In the current strong FPSO market, enhanced contractual clarity and flexibility are key drivers for unlocking additional value over time,” said Marco Beenen, CEO of BW Offshore.
Under the revised terms, the parties agreed to a discount equivalent to 10% of the current bareboat charter dayrate, applied as an offset against the operations and maintenance dayrate.
The agreement also introduces a revised production tariff structure from 2028, including a cap linked to prevailing oil prices while maintaining the existing tariff framework.