Reliance Taps Aker FPSO for $1.1 Billion

Reliance Industries Limited has exercised their option to call a 10-year bare boat contract with Aker Floating Production ASA's subsidiary Aker Contracting FP ASA for the FPSO Aker SMART 1.

Over the 10-year duration of the contract, this amounts to U.S. $1.1 billion of bare boat revenues.

As a consequence the operation and maintenance contract for the FPSO with Aker Borgestad Operations AS, a subsidiary of Aker Floating Production ASA, has been extended accordingly.