Oceaneering International has announced that BP has exercised its right to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016.
at the end of May 2016.The vessel is operating under a contract signed by the two companies for work offshore Angola, originally scheduled through to the end of January 2017.
Under the terms of the contract, the costs incurred by the early release and demobilization of the vessel are expected to be reimbursed by BP. Following the release of the vessel, Oceaneering intends to redeliver it to the vessel owner, a joint venture between Bourbon Offshore Norway and Oceanteam.
Project management, engineering, and vessel services work associated with a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through to January 2017.
