BP terminates Oceaneering vessel contract

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.

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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