Pair win Gabon extension

By London

 05 July 2012 22:59 GMT

Norwegian floater players Fred Olsen Production and BW Offshore have won a five-year contract extension worth $300 million for their jointly owned Petroleo Nautipa floating production, storage and offloading vessel from Vaalco Energy.

The lease-and-operation deal for the FPSO, which is working for the US independent on the Greater Etame complex off Gabon, has been extended from 2015 to the third quarter of 2020, with options for an additional two years.

The pair each have an ownership share of 50% in the vessel, which will undergo a $30 million life extension upgrade.



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