BW Offshore and Fred Olsen Production have signed a contract with Vaalco Energy for a five year extension for the lease and operation of the FPSO PetrÃ³leo Nautipa offshore Gabon.
FPSO PetrÃ³leo Nautipa was originally built as a Suezmax tanker in 1975 and subsequently converted to an FPSO in 1997 in a 50/50 joint venture between Fred Olsen Production and Prosafe Production. Prosafe Production was acquired by BW Offshore in November 2010.
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.