BW Offshore’s subsidiary has received a termination notice for the FPSO Sendje Berge operating under a contract with Addax Petroleum Exploration Nigeria (Addax) on the Okwori field, offshore Nigeria.
The termination will have effect from November 06, 2017, the company informed.
In addition, Addax has requested BW Offshore to provide a demobilization plan for the FPSO.
Furthermore, BW Offshore said it will continue the process with the enforcement of the arbitration award for all outstanding claims against Addax. The company received an arbitration award in March relating to its claim against Addax for the payment of all outstanding day rates in respect of the hire of the FPSO Sendje Berge.
The outstanding gross claim at the end of the first quarter 2017 was USD 61.8 million.
BW Offshore has prior to the award received payment of approximately USD 18.7 million from Addax as partial payment of the outstanding hire payable.