BW Athena FPSO stays in North Sea
- Business & Finance
BW Offshore has received a contract extension for the FPSO BW Athena with Ithaca Energy in the UK North Sea.
The primary term of the contract expires in Q2 2015, and Ithaca Energy has exercised the option for a secondary term of up to five years. Ithaca Energy has the right to terminate the contract on a rolling 12-month notice.
The Athena field is situated in block 14/18b in the Outer Moray Firth area of the UKCS, lying approximately 18 kilometres west of the Claymore and Scapa fields and the associated production facilities.
Ithaca currently holds a 22.5% interest in the block 14/18b. The field has been evaluated by Sproule Associates to contain 2P reserves (gross) of 24.4 million barrels of oil.