BW Offshore has secured a new lease-and-operate contract for the BW Pioneer floating production, storage and offloading vessel on the Cascade and Chinook fields in the US Gulf of Mexico in a rare deal amid market turmoil triggered by the coronavirus.

The latest award is for a period of five years, with an additional five-year extension option, and is in direct continuation of the current contract with MP Gulf of Mexico, a joint venture between Brazil’s Petrobras and US independent Murphy Oil.

The firm period of the new contract, for which a value was not disclosed, will keep the vessel working at the field until March 2025.