With reference to stock exchange release dated 5 May 2017.
Sendje Berge Limited, a subsidiary of BW Offshore Limited (BWO), has now agreed terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd (Addax) on the Okwori field offshore Nigeria which have been duly submitted to relevant Nigerian Authorities for their review and approval.
The contract extension will be for a four-year fixed term with two additional one-year extension options, commencing 6 November 2017. The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price. The termination notice announced on 5 May 2017 has been withdrawn and the arbitration has been settled as part of the agreed terms.
For further information, please contact:
Knut R. Sæthre, CFO, +47 911 17 876 (Media)
Una S. Holmen, IR, +47 936 06 106 (Analysts)
About BW Offshore:
BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 15 owned FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 38 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange.