BW Offshore announced that it has received a contract extension for the lease and operation of the floating production storage and offloading (FPSO) unit ‘Polvo’.
Namely the company signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The period in question has been extended to the third quarter of 2019, from the third quarter of 2018, with the contract including options until the third quarter of 2022.
The FPSO Polvo was constructed in 2007 and is located in the Campos basin, off Rio de Janeiro.
Additionally, BW Offshore announced that the BW Catcher FPSO received, on 6th January 2018, the First Oil Certificate after successfully completing the 72-hour interim performance test subsequent to the introduction of hydrocarbons on 23rd December 2017.
BW Catcher FPSO is owned and operated by BW Offshore and the First Oil Certificate confirms the beginning of a seven-year fixed term contract, with extension options of up to 18 years. The FPSO unit features an oil storage capacity of 650,000 barrels and a can process up to 60,000 barrels per day. Lastly, the BW Catcher FPSO has a design life of 20 years of uninterrupted operations.