Bergesen Signs Contract for FPSO

Tuesday, October 17, 2006
Bergesen Worldwide Offshore Ltd (BWO) has signed a contract with Peak Petroleum Industries Nigeria Ltd and Equator Exploration Ltd for the use of an FPSO at the Bilabri Field, located in Block OML 122, offshore Nigeria. BWO will use the FPSO BW Endeavor, to be renamed BW Peace, for the services and operations. The terms and provisions of the contract are the lease and operation of a FPSO for a fixed period of 3 years with the Companies option to extend the contract for up to a total of 10 years. The operation on the Bilabri field is planned to commence during second half of 2007. The hire rate will consist of a fixed day rate plus a production incentive rate. The nominal value of the fixed day rate of the full term contract, including options, but excluding the production incentive rate, is approximately $259m. Based on the estimated recoverable reserves, the production incentive rate has a nominal value of up to $ 68m. BWO expects, that when the FPSO is ready and producing at the field, the fixed day rate in the contract will generate an annual EBITDA of $17.4m. In addition BWO will receive the production incentive rate that will be charged on a fixed dollar per barrel of oil-produced basis.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

Smulders Appointed CEO of Radio Holland

Paul Smulders has been appointed CEO of Radio Holland, part of the RH Marine Group (formerly Imtech Marine).   Smulders returns to Radio Holland where he started

SENER, ESI Group to Integrate Solutions

The global company ESI Group, a virtual prototyping and testing software developer, has joined efforts with SENER, a company in marine engineering and the development

Offshore

Skandi Paraty Delivered and On-hire

Skandi Paraty, owned by Norskan Offshore Ltda, has been delivered from the yard and went on-hire on a four years contract with Petrobras.   Skandi Paraty is an AHTS,

ABB Transformers for the Most Powerful Wind Turbines

ABB will deploy 40 special transformers to equip wind turbines for an offshore wind farm in the Irish Sea. The MHI Vestas Offshore Wind turbines are 195 m (640

Two ODCs Loaded at Hamburg Port

On 25 April, two Over-Dimensional-Cargos (ODC) tanks manufactured by Chart Ferox were loaded by Wallmann & Co., the long-established Hamburg company specializing in handling heavy lift cargoes.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0747 sec (13 req/sec)