New Zealand's Tui Project JV Extends Contract for FPSO Umuroa to 4Q 2017

BW Offshore disclosed Friday that the company has received a one year contract extension for the lease and operation of the FPSO Umuroa, currently operating on the Umuroa field in the Tui Area Oil Project offshore New Zealand for Australia's oil and gas firm AWE Limited.

The contract for the FPSO (floating production, storage and offloading) vessel, which is equipped to store up to 700,000 barrels of crude oil, has been "extended to 4Q 2017 (from 4Q 2016)", the company said in a press release.

Field operator AWE -- holder of a 57.5 percent stake in the Tui oil development -- revealed that the contract extension is the second of seven one-year options of the FPSO charter period, which, if exercised, would retain the FPSO until the end of 2022.

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