Fred. Olsen Production and BW Offshore have signed a contract with Vaalco Energy for a five year extension for the lease and operation of the FPSO Petróleo Nautipa.
The FPSO is owned 50% by Fred. Olsen Production and 50% by BW Offshore. The firm period has been extended to Q3 2020 (from Q3 2015), with options for additional two years.
This contract has a total revenue value of USD 300 million including options, up from USD 100 million under the previous contract.
The FPSO will undergo a life-extension upgrade with an estimated capex of USD 30 million and the figures for revenue and capex are listed on a 100% basis.
[mappress]
Source: fredolsen, July 2, 2012