Sendje Berge Limited, a subsidiary of BW Offshore Limited (BWO), has now agreed terms of a contract extension for the FPSO Sendje Berge with Addax Petroleum Exploration (Nigeria) Ltd (Addax) on the Okwori field offshore Nigeria which have been duly submitted to relevant Nigerian Authorities for their review and approval.
The contract extension will be for a four-year fixed term with two additional one-year extension options, commencing 6 November 2017. The revised and agreed commercial terms include a new day rate partially linked to oil production
volumes and oil price. The termination notice announced on 5 May 2017 has been withdrawn and the arbitration has been settled as part of the agreed terms.
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