BW Offshore: Sendje Berge Contract Extension
October 23 2017 - 12:30AM
With reference to stock exchange release dated 5
May 2017.
Sendje Berge Limited, a subsidiary of BW Offshore
Limited (BWO), has now agreed terms of a contract extension for the
FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd
(Addax) on the Okwori field offshore Nigeria which have been duly
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 6 November 2017. 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 5 May 2017
has been withdrawn and the arbitration has been settled as part of
the agreed terms.
For further information, please contact:
Knut R. Sæthre, CFO, +47 911 17
876 (Media)
Una S. Holmen, IR, +47 936 06
106 (Analysts)
IR@bwoffshore.com or www.bwoffshore.com
About BW
Offshore:
BW Offshore is a leading global provider of
floating production services to the oil and gas industry. BW
Offshore has a fleet of 15 owned FPSOs and one FSO represented in
all major oil & gas regions world-wide. BW Offshore has a long
track record on project execution and operations. In more than 30
years of production, BW Offshore has executed 38 FPSO and FSO
projects. The company is listed on the Oslo Stock Exchange.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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