Oceaneering returning offshore vessel to owners after BP terminates Angola deal

Subsea services provider Oceaneering International, Inc. will return the chartered vessel to its owners after losing a contract in Angola with BP.

According to Oceaneering, BP has exercised its right, under the field support vessel services contract it had with Oceaneering for work offshore Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016. Prior to this notice, the work was scheduled to extend through the end of January 2017.

Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and demobilization of the vessel are expected to be reimbursed by BP. Following the release of the vessel, Oceaneering intends to redeliver it to the vessel owner.

As for the vessel itself, the ship is 125 meters at length with a 27 meter beam. It is equipped with one 150 tonnes and one 100 tonnes fully heave compensated cranes, moon pool, 2000m2 free deck space and 120 accommodation. The vessel is jointly owned by Bourbon Offshore and Oceanteam

Project management, engineering, and vessel services work associated with the provision for a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through January 2017.

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