Sendje Berge Ltd. and Addax Petroleum Exploration (Nigeria) Ltd. have agreed to a four-year fixed term contract extension for the FPSO Sendje Berge on the Okwori field offshore Nigeria.
The contract, which begins on Nov. 6, 2017, includes two additional one-year extension options. The revised and agreed commercial terms include a new day rate partially linked to oil production volumes and oil price.
The termination notice announced on May 5, 2017, has been withdrawn and the arbitration has been settled as part of the agreed terms.
