After months of negotiations, Malaysia’s FPSO-operator Yinson and Nigerian oil company First E&P have executed a contract for an FPSO to be deployed offshore Nigeria.
First E&P will hire the FPSO, to be named Abigail-Joseph, and deploy it at its Anyala & Madu fields located in Oil Mining Leases 83 & 85, offshore Nigeria.
The primary term of the FPSO charter is valid for seven years, with First E&P having options to extend.
The oil company will be able to extend the primary term by one extension period of 24 months and up to 6 further extension periods of 12 months. If all options are exercised the Abigail-Joseph FPSO will stay busy with First E&P for 15 years.
The value of the charter, including all options, is $617 million. The FPSO is expected to start operations at the fields by the fourth quarter of 2019.
Worth noting, apart from securing the FPSO charter, Yinson has, through a subsidiary, secured a contract for Operation and Maintenance of the FPSO, which should bring in additional $284.7 million, bringing the total value of the two contracts (including options) to $901.7 million.
Offshore Energy Today Staff
Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.
Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns.
If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.