Contract extension for FPSO Petróleo Nautipa

7/2/2012 2:59 AM EST

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. The 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. The figures for revenue and capex are listed on a 100% basis.

For more information please contact CEO Eirik Barclay   or

CFO Jørn T. Røkaas   Tlf. +47 22 34 10 00