BW Offshore restructures Athena FPSO deal

BW Offshore restructures Athena FPSO deal

Oslo: BW Offshore has received a notice of termination for the FPSO BW Athena contract from Ithaca Energy.

BW Offshore and Ithaca Energy have agreed a revised contract structure to continue production on the Athena field beyond expiry of the contract, on a revised compensation scheme involving advanced payment of an FPSO demobilisation fee and sharing of positive cashflow from the field.

Both parties have the right to terminate on a 60-day notice period.

BW Athena is employed at Athena oil field on the UK sector, in a deal signed with Ithaca in 2010. The vessel was built in 1994 and converted to an FPSO in 1999.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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