The upgrade project targets a 25% increase in the liquid handling capacity of the vessel. All Fred.Olsen Production - related capital expenditure is refundable by Maersk and there is a compensation arrangement in place which is expected to yield an increase in the EBITDA contribution of US $3-$5 million over the remaining life of the contract.
The 564,000 dwt Knock Nevis, which is the world's largest vessel, is on contract to Maersk until August 2009. Maersk may terminate the contract as from August 2007.
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