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.