Bw Offshore Ltd said its subsidiary, Sendje Berge Limited, has agreed to terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd.
The contract is on the Okwori field offshore Nigeria which has been duly submitted to relevant Nigerian Authorities for their review and approval
BW Offshore said the contract extension will be for a four-year fixed term with two additional one-year extension options, commencing 6 November 2017.
According to the terms, the revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price.
Also, the termination notice announced on 5 may 2017 has been withdrawn and arbitration has been settled as part of agreed terms.