Prosafe Says Contract Extended for FPSO Petroleo Nautipa
The contract may be terminated by Vaalco with effect from September 2011. The extension ensures continuous employment for FPSO Petróleo Nautipa following the expiry of the current contract in September 2007. The extension includes a fixed dayrate, which is expected to provide Prosafe with an annual EBITDA of US $5 million, including a production related tariff.
FPSO Petróleo Nautipa was originally converted to an FPSO in 1998, following an award of a four- year contract offshore Angola. The new extension ensures continuous employment for the vessel for 13 years, more than three times the original contract period. The extension is as such another confirmation of Prosafe's anticipation of a strong future redeployment market.
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