BW Offshore Inks Contract Extension with HRT for FPSO Polvo

BW Offshore has signed an agreement with HRT for a one year extension for the lease and operation of the FPSO Polvo.

The firm period has been extended to Q3 2015 (from Q3 2014), with options until Q3 2022.

The Polvo oil field is owned by HRT (operator, 60%) and Maersk (40%). With reference to BW Offshore’s notice to the Oslo Stock Exchange on 13 December 2013, BW Offshore has signed a Letter of Intent to acquire 30% of the Polvo field from HRT.

Press Release, January 13, 2014