BW Offshore Seals $925M FPSO Extension Deal with CNR

Norwegian FPSO operator BW Offshore said Wednesday that it has signed a four year extension contract with CNR International (Côte d'Ivoire) SARL for the lease and operation of the Espoir Ivoirien.

The firm period for the FPSO has been extended to 2Q 2017 from 1Q 2013, while the option period has been extended to 2Q 2036 from 1Q 2022. The contract has a total revenue of $925 million including options, up $250 million from the previous contract.

CNR International – a subsidiary of Canadian Natural Resources Limited – is redeveloping the offshore Espoir field, which lies in the Ivory Coast block CI-26, through the use of highly deviated wells. In 4Q 2011, CNR sanctioned an 8-well drilling program at the field, the company disclosed in June this year. CNR aims to start drilling operations in the fourth quarter of this year.

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