Addax Petroleum Exploration (Nigeria) has withdrawn contract termination notice for the Sendje Berge FPSO following the contract extension with BW Offshore’s subsidiary.
Sendje Berge Limited, a subsidiary of BW Offshore, and Addax have agreed terms of the contract extension for the FPSO on the Okwori field offshore Nigeria.
The terms have been submitted to relevant Nigerian Authorities for their review and approval, BW Offshore informed.
The contract extension will be for a four-year fixed term with two additional one-year extension options, starting on November 06, 2017.
The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price.
Furthermore, the arbitration, relating to BW Offshore’s claim against Addax for the payment of all outstanding day rates in respect of the hire of the FPSO Sendje Berge, has been settled as part of the agreed terms.