Bluewater is pleased to announce that its affiliate Bluewater (Aoka Mizu) B.V., the owner of the Aoka Mizu FPSO, has signed a contract with Hurricane GLA Limited, the UK based oil and gas company and operator of the Lancaster Field, for an extension to the Bareboat Charter beyond the current expiry date of 4 June 2022.
The key terms of the extension are:
1. The charter has been extended to cover the remaining economic life of the Lancaster field.
2. Either party can give six months’ notice to terminate the charter.
3. The existing day rate and tariff for the vessel remains at $75,000 per day and 8% of revenue respectively.
4. Hurricane agrees to establish a secured deposit account of up to $18.7 million for the benefit of Bluewater to cover the costs associated with the day rate for the six-month notice period and decommissioning in respect of the vessel.
Hugo Heerema, President and CEO of Bluewater, commented:
“We are pleased to announce the extension of contract for the Aoka Mizu FPSO which will enable Hurricane to continue production from the Lancaster Field in times that energy supply is of the essence. The excellent uptimes of our FPSO will help Hurricane to continue to achieve high productivity figures. Based on the current oil price and field performance predictions we forecast that production from the Field can be maintained to at least 18 months from 4 June 2022….”
