One of BW Offshore's floating production, storage and offloading (FPSO) units has had its contract extended for a further 12 months in offshore Gabon.
The 141,000-dwt FPSO Petroleo Nautipa (built 1975) is operating on the Etame field for Vaalco Energy, which has extended its contract for lease and operation of the unit.
The firm period was due to expire in the third quarter next year but has been extended until the third quarter 2021.
Valco has further options on the unit until the third quarter 2022.
The FPSO has been on long-term charter to Vaalco in Gabon since 2002.
The unit has generated around $300m in revenue for BW since 2012, when Vaalco renewed its contract for a further five years through to 2020.
The commercial terms of the latest extension were not disclosed.
BW Offshore announced plans in May to spin off its exploration and production (E&P) business.
The spin-off company, BW Energy, now has a separate listing on the Oslo Stock Exchange and is headed up by Carl K Arnet and Knut R Saethre, who were formerly BW Offshore's chief executive and chief financial officer respectively.
