BW Offshore, a provider of floating production services to the oil and gas industry, has received a notice of termination for the FPSO BW Athena contract from Ithaca Energy.
Namely, BW Offshore and Ithaca Energy (on behalf of the Athena field co-venturers) have agreed a revised contract structure to continue production on the Athena field beyond expiry of the firm period on a revised compensation scheme.
The revised scheme involves advanced payment of an FPSO demobilisation fee and sharing of positive cashflow from the field. Both parties have the right to terminate on a 60-day notice period.
According to Ithaca, the implementation of a revised Athena FPSO contract is in June 2015.
The Athena field is situated on Block 14/18b in the Outer Moray Firth area in the UK sector of the North Sea in water depth of 134 meters.
Ithaca Energy holds 22.5% interest, Dyas UK Ltd. holds 47.5%, EWE holds 20% and Zeus holds the remaining 10%.