Addax extends FPSO contract with BW Offshore despite previous dispute and cancellation

Addax extends FPSO contract with BW Offshore despite previous dispute and cancellation

BW Offshore subsidiary Sendje Berge has agreed terms of a contract extension for FPSO Sendje Berge with Nigeria’s Addax Petroleum Exploration.

The FPSO is operating at the Okwori field offshore Nigeria, and the four-year fixed term extension, which includes two additional one-year options, commences November 6. The new day rate will be partially linked to oil production volumes and oil price.

BW Offshore won an arbitration award in March over a dispute regarding contract rates, only for Addax to move to terminate the contract in May.

Addax has withdrawn the termination and the arbitration has been settled as part of the agreed extension terms.

Sendje Berge has been operating offshore Nigeria since March 2005.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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