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Monday, November 25, 2013
The industry’s first floating, drilling, production, storage, and offloading (FDPSO) vessel will be released from contract a couple of years early. Murphy Oil had contracted the FDPSO for its Azurite field offshore the Republic of Congo (ROC) and it has been on location since 2009, but oil reservoirs did not last as long as Murphy estimated. The termination comes as production volumes were lower than anticipated.
Under the original agreement the FDPSO was to remain on site until 2016, with an option to extend its stay another eight years until 2024; instead the unit will be released even before the contract expires.
Murphy told BW Offshore in August that it may release the vessel early; this became official a short time later and BW Offshore revealed in its Q3 report that Murphy submitted a notice of termination of the contract for the FDPSO, effective May 2014.
BW Offshore CEO Carl Krogh Arnet said that the company would be fully compensated to the end of the firm contract and the company has already started looking for redeployment opportunities for the unit.
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