Catcher partners prolong FPSO's North Sea operations arrangement
Harbour Energy and its partners have agreed to extend BW Offshore’s operating contract for the FPSO BW Catcher at the Catcher Field in the UK North Sea.
The new agreement provides for a defined end of term framework to December 2030 (± 6 months) and replaces the previous unilateral options for one-year extensions.
BW Offshore expects the extension to increase its operating cash flow backlog by about $490 million (as of the start date on Feb. 1 this year).
The revised contract structure, the company added, would support its efforts to market the FPSO for future new redeployment projects.
CEO Marco Beenen said, “The Catcher FPSO is a high-specification, harsh-environment asset, making it a highly valuable redeployment unit. In the current strong FPSO market, enhanced contractual clarity and flexibility are key drivers for unlocking additional value over time.”
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About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.