OSLO, Norway – Vaalco Energy has agreed to a five-year extension for the lease and operation of the FPSO Petróleo Nautipa offshore Gabon. The FPSO is owned 50% by BW Offshore and 50% by Fred. Olsen Production.
The firm period is extended from 3Q 2015 to 3Q 2020, with options for a further two years.
BW Offshore estimates the total revenue at $300 million including options, up from $100 million under the previous contract.
The vessel will undergo a life-extension upgrade with an estimated capex of $30 million.