FPSO Sendje Berge Extends Stay on Okwori Field

Tuesday, October 24, 2017

Sendje Berge Ltd., a subsidiary of BW Offshore, has agreed terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration. The contract extension keeps the FPSO offshore Nigeria on the Okwori field.

The contract extensions have been submitted to relevant Nigerian Authorities for their review and approval.

The contract extension will be for a four-year fixed term with two additional one-year extension options, commencing November 6. The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price.

The termination notice announced on May 5 has been withdrawn and the arbitration has been settled as part of the agreed terms.

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